Record sales and trading powered first-quarter net profits at Bank of America’s global banking and markets arm to $3.2bn (€2.4bn), a rise of 28% from the same period last year and more than double the figure recorded in the final three months of 2009.

Profits from the division rose from $2.5bn from a year ago on the back of sales and trading revenues. Bank of America said in its quarterly results today that revenues from global banking and markets rose on improved market conditions and a lower impact of writedowns on legacy assets.