Bank of America beats estimates

The bank's wealth management division also saw a significant rise in revenue and client balances, reflecting a healthy U.S. economy.

CEO Brian Moynihan noted that while market volatility has boosted trading profits, the bank remains cautious about the long-term effects of rising fuel prices on consumer sentiment.

Bank of America also disclosed a $20 billion private-credit portfolio in an effort to calm investor concerns about the asset class's exposure.

The results round out a strong earnings season for the 'big six' U.S. banks, which have collectively raked in near-record profits this quarter.