Bank of America has today reported a 6% rise in quarterly profit, as a growing loan book and cost cuts made up for a drop in revenue in investment banking. 

The bank said its net income applicable to common shareholders rose to $6.87 billion, or 70 cents per share, in the first quarter ended March 31.

This was up from $6.49 billion, or 62 cents per share, a year earlier. 

Analysts on average were expecting the bank to earn 66 cents per share, according to IBES data from Refinitiv.

Bank of America's revenue, net of interest expense, was flat at $23 billion and was below analysts' expectations of $23.30 billion.