Bank of America has followed Wall Street peers JP Morgan and Citigroup to report a strong start to the year, including record first-quarter profits from its global banking unit and double-digit growth in fixed income sales and trading.

The bank published results for the three months to March 31 today, reporting a 40% rise in profits year-on-year to $4.9 billion on a 7% bump in revenues to $22.2 billion.