Net income rose to $2.18bn, boosted by consumer and mortage lending.
Nearly two-thirds of revenues came from traditional banking activities and the bank has been able to ride the downturn in equity underwriting and merger and acquisition markets.
The bank have also already taken steps to exit businesses that focus on high risk borrowers. Bad debts are down as a result.
America's third largest bank, Bank of America Corp., has confirmed that first quarter earnings rose 17% on the same period last year.
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