It was a banner quarter for BofA’s stock traders.

Like their counterparts at Goldman, Brian Moynihan’s equities guys (and gals) benefited from tumultuous circumstances in Q1, when AI disruption concerns roiled sectors seen as vulnerable to automation and the war in the Mideast upended markets more generally.

Equities revenue rose 30% YoY to a record $2.83 billion, easily ahead of the $2.51 billion consensus. FICC was a miss, though, at $3.5 billion versus $3.8 billion seen. Overall trading revenue of $6.32 billion was just short of the mark.

Of course, what counts at BofA is NII, and on that front $15.75 billion (excluding the adjustment) was a decent beat. The Street was looking for $15.37 billion.

Sequentially, NII was flat. The YoY growth rate slipped to 9% from 9.7%.

Moving quickly along, IB revenue rose 21% YoY to $1.84 billion, topping estimates.

Debt underwriting and ECM both picked back up after decelerating in Q4 following a banner Q3.

Advisory fees slipped sequentially, but overall IB fees were the second-highest in years.

Running through the rest of the numbers, wealth management revenue of $6.71 billion was a beat (versus $6.59 billion seen), the provision, at $1.34 billion, was lower than expected (consensus was $1.5 billion), non-interest expense, at $18.53 billion, was a little high, comp costs of $11.33 billion were below the expected $11.41 billion and total deposits were $2.04 trillion, as expected.

Adjusted EPS was $1.11, easily ahead of estimates. Net income rose more than 17%. On the top line, revenue net of interest expense was $30.27 billion, a comfortable beat (consensus there was $28.63 billion).

If you were curious, BofA has $20 billion of private credit exposure “secured by diversified pools of predominantly first lien private credit loans to middle market companies and large corporates.” The underlying collateral has a “strong EBITDA profile,” the bank said.

Brian Moynihan was his usual bland self on Wednesday. “We remain watchful of evolving risks [but] we saw healthy client activity, including solid consumer spending and stable asset quality,” he said. The US economy, he assessed, is “resilient.”

Then he opened a portion cup of margarine, spread exactly a third of it across a piece of slightly-toasted whole grain bread, opened the corner of a sugar packet and put three light taps worth into a six-ounce cup of black coffee and regarded a too-dark bruise on a nearby banana with deep suspicion.