Bank of America has reported its most profitable start to a year on record — but a strong first quarter for equities trading was the sole bright spot at its global investment bank.

The US bank on Monday reported group net profits rose 30% year-on-year to a record $6.9bn in the three months to the end of March. Revenues were up 4% to $23.1bn thanks to strong performance from the consumer banking and wealth and investment management divisions.