Revenue at the lender grew 5.6% to $5.27 billion, outpacing market anticipations of $5.24 billion. The firm reported a climb in non-interest income to $1.64 billion, fueled primarily by equity investments, while net interest income reached $3.62 billion. Despite these gains, the net interest margin dipped to 2.98% from 3.02% a year ago, reflecting higher funding costs and tightening loan spreads.

Chief Executive Bill Rogers credited the results to disciplined execution and improved credit performance, noting that the provision for credit losses fell to $395 million from $488 million in the same period last year. The bank continued to return capital to investors, repurchasing $1.2 billion in shares while maintaining a common equity Tier 1 ratio of 10.9%.

The leadership transition at the bank remains on track, with Michael Lyons scheduled to assume the chief executive role in September. Rogers will move to the position of executive chair until his planned retirement in April.