(Bloomberg) -- Bank of America Corp.’s sales and trading team is on track to report second-quarter revenue growth in the low single digits, with investment banking up 10% to 15% from a year earlier, Chief Executive Officer Brian Moynihan said.

Fixed-income trading will be flat, and equities, which “is where we had the most ground to gain,” is “performing better,” Moynihan said Thursday at the Bernstein Strategic Decisions Conference. Equities sales and trading are seeing a continued benefit from financing activity at the bank more broadly, he said.

In the first three months of the year, Bank of America’s sales and trading team notched its best first quarter in more a decade, driven by a 15% bump from equities-trading revenue as clients grappled with a period of continued high interest rates and geopolitical tensions.

The second-largest US bank said that net interest income, a key source of revenue for the bank, fell 2.9% to $14 billion in the first quarter. Analysts had expected a 4% drop for NII, the revenue collected from loan payments minus what depositors are paid.

The bank now expects NII will be 1% lower than the $14 billion it had projected for the second quarter due to deposit-pricing dynamics, Moynihan said Thursday. The quarter is likely to be the “trough” for Bank of America, and NII should grow in the second half of this year, he said.

Bank of America shares slumped as much as 2.9% Thursday before recovering to a 0.2% decline to $38.63 at 2:27 p.m. in New York.   

Read More: BofA Shares Drop as Charge-Offs for Soured Loans Top Estimates

The company’s investment-banking business seems to be continuing its positive momentum as companies return to capital markets and dealmaking. The group is on track to report a revenue increase of 10% to 15% from a year earlier, “about at the end of that range,” Moynihan said Thursday.

(Updates with NII revised guidance, share price starting in fifth paragraph.)

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