Bank of America Merrill Lynch just announced first-quarter earnings results, beating analyst estimates with earnings per share of $0.62. Analysts had been expecting the bank to report adjusted earnings per share of $0.59.

The beat was driven by higher interest rates and lower taxes, while the bank's equities trading unit had a record quarter, echoing a similar performance in that unit at JPMorgan and Citigroup.

Here are the key numbers:

Revenue: $23.1 billion, marginally ahead of analyst expectations of $23 billion. Net interest income increased by $550 million, driven by higher rates.

$23.1 billion, marginally ahead of analyst expectations of $23 billion. Net interest income increased by $550 million, driven by higher rates. Adjusted net income: $6.9 billion, a record high, and well ahead of analyst expectations.

$6.9 billion, a record high, and well ahead of analyst expectations. Consumer banking: Net income increased to $2.7 billion, up 42%, driven by higher interest rates.

Net income increased to $2.7 billion, up 42%, driven by higher interest rates. Global wealth management: Net income increased 34% to $1 billion, again driven by higher rates.

Net income increased 34% to $1 billion, again driven by higher rates. Global banking: Net income increased 17% to $2 billion, despite a slight decline in revenues, thanks to a lower tax bill.

Net income increased 17% to $2 billion, despite a slight decline in revenues, thanks to a lower tax bill. Global markets: Net income increased 12% to $1.5 billion. Sales and trading revenues were up 6% to $4.1 billion, driven by a huge gain in equities, where revenues increased 38% to a record $1.5 billion. That performance echoes similar gains in the equities businesses at JPMorgan and Citigroup.

Net income increased 12% to $1.5 billion. Sales and trading revenues were up 6% to $4.1 billion, driven by a huge gain in equities, where revenues increased 38% to a record $1.5 billion. That performance echoes similar gains in the equities businesses at JPMorgan and Citigroup. Deposits: Average deposit balances increased to $1.3 trillion, a record high.

"Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings," CEO Brian Moynihan said in a statement. "We grew loans in our business segments by $45 billion and increased deposits by $41 billion."

JPMorgan and Citigroup announced first-quarter earnings on Friday, with both beating solidly. The two banks also posted gains in markets revenue, with JPMorgan's markets revenue up 7% on an underlying basis and Citigroup's total markets and securities revenue up 3%.

Those gains were driven by equities revenue, with JPMorgan posting record equities revenue of $2 billion and Citigroup posting a 38% gain in equities revenue to $1.1 billion. Fixed income revenues, in contrast, were flat at JPMorgan, and down at Citigroup.