After the bank reported higher-than-expected Q1 results, shares of Bank of America (NYSE) were up 1.5% on Monday pre-open.

The bank reported an EPS of 80c during the first quarter. That is above the consensus estimate at 75c per shares. came in at $23.23 billion, just above the analysts’ expectations of $23.18 billion.

“First quarter results were strong despite challenging markets and volatility,” Chief Financial Officer Alastair Borthwick said in a statement. “Going forward, and with the forward curve expectation of rising interest rates, we anticipate realizing more of the benefit of our deposit franchise.”

In the same period, trading revenue without DVA was reported at $4.72 trillion. That’s higher than analyst estimates of $4.25billion. FICC’s trading revenue without DVA was $2.71 Billion, surpassing estimates of $2.66 Billion.

DVA was excluded from Equities trading revenues, which totalled $2.01 Billion. This is higher than the $1.58 billion expected. BofA’s net interest income FTE was $11.68billion, which is below the consensus estimate of $11.72billion. According to consensus estimates, $1.67 billion was the average investment banking revenue.

Wealth & investment management total revenue stood at $5.48 billion in the period, beating the estimated $5.43 billion. This was higher than the 10.1% expected.

The average asset return was 0.899% which beat the expectation of 0.82%. Return on tangible common stock reached 15.5%, also exceeding estimates from 14.2%. According to the bank, compensation expenses totaled $9.48 Billion. This is higher than the $9.43 Billion estimate.

BofA reported that Q1 was a strong quarter due to client activity. This is despite the market volatility. BAC noted that Russia-based businesses had a small exposure.

Goldman Sachs analyst Richard Ramsden said BAC delivered “good enough” results that came as a result of “much less of a capital hit than peers.”

“We believe the market will view these results positively, and based on peers that have reported so far, the focus is likely to primarily be on the NII outlook, in terms of the steeper rate curve and the strong loan growth backdrop, how they managed their capital base, despite $6.8bn of AOCI pressure, and the outlook for capital return from here.”

By Senad Karaahmetovic