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Bank of America reported a 34-per-cent rise in first-quarter profit on Monday as it benefited from higher interest rates and loan growth.

The second-largest U.S. bank by assets said net income attributable to shareholders rose to a record US$6.49-billion in the three months ended March 31 from US$4.84-billion a year earlier. Earnings per share rose to 62 US cents from 45 US cents.

Analysts on average had expected 59 US cents a share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

Total revenue, net of interest expense, rose about 4 per cent to US$23.28-billion.

In the bank’s biggest business – consumer banking – revenue rose 9 per cent to US$9.03- billion, helped by strong deposit and loan growth.

“Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings,” chief executive Brian Moynihan said in a statement.

Higher interest rates helped BofA charge more for loans while keeping deposit rates low. The lender relies heavily on higher interest rates to maximize profit as it has a large stock of deposits and rate-sensitive mortgage securities.

JPMorgan Chase & Co. and Citigroup Inc. last week also reported rise in quarterly profit, helped in part by higher interest rates.