Bank of America beats Q1 profit estimates on strength in consumer lending

Bank of America Corp reported a smaller-than-expected 13% fall in first-quarter profit on Monday, as strong growth in its consumer lending business helped cushion the blow from a slowdown in global deal-making.

The bank reported a 9% rise in consumer banking revenue to $8.8 billion in the quarter ended March.

"First-quarter results were strong despite challenging markets and volatility," Chief Financial Officer Alastair Borthwick said in a statement.

"Net interest income increased by $1.4 billion versus the year-ago quarter supported by strong loan and deposit growth.

Going forward, and with the forward curve expectation of rising interest rates, we anticipate realizing more of the