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Bank of Americasaid Monday that profit and revenue topped expectations on better-than-expected fixed-income trading and gains in interest income, thanks to choppy markets and rising rates.

Here are the numbers:

• Earnings:  81 cents vs. the 77 cents a share estimate of analysts surveyed by Refinitiv.
• Revenue: $24.61 billion vs. $23.57 billion estimate

Bank of America said third-quarter profit fell 8% to $7.1 billion, or 81 cents a share, as the company booked a $738 million provision for credit losses in the quarter. Revenue net of interest expense jumped to $24.61 billion.

Shares of the bank rose 2.49% in premarket trading.

Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve’s rate-boosting campaign. While bank stocks got hammered this year amid concerns a recession was on the way, lenders including Bank of America, JPMorgan Chase and Wells Fargo are producing stronger profits as rates rise, allowing them to generate more profits from their core deposits and lending activities.

“Our U.S. consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts,” Moynihan said in the release. “Across the bank, we grew loans by 12% over the last year as we delivered the financial resources to support our clients.”

Investors will be eager to see how well the bank’s retail and business customers are holding up amid signs that both inflation and higher interest rates are taking a toll on the economy.

Bank of America shares have fallen 29% this year through Friday, worse than the 26% decline of the KBW Bank Index.

Last week, JPMorgan and Wells Fargo topped expectations for third-quarter profit and revenue by generating better-than-expected interest income.Citigroupalso beat analysts’ estimates, and Morgan Stanley missed as choppy marketstook a tollon its investment management business.