Strong results from equities underpinned fourth-quarter revenue rises at Bank of America’s investment banking and sales and trading arms, but profits from both global markets and global banking dropped over the period and on a full-year basis as higher provisions and litigation costs weighed on results.

Investment banking fees climbed from $842 million in the fourth quarter of 2012 to $960 million, driven by a surge in equity underwriting income, which rose from $107 million to $194 million. Advisory revenues climbed from $285 million to $323 million over the same period, while debt revenues were broadly flat at $443 million.