Bank of America's Q1 Profits Exceed Expectations Despite Industry Challenges.

Bank of America's profits grew 15% last quarter, beating analysts' expectations, as wealthy clients, businesses, and other customers flocked to the bank for safety after the failure of Silicon Valley Bank and Signature Bank. The bank added customers in its business and consumer banking businesses, and its results were driven by higher interest rates, which allowed the bank to charge more for customers to borrow. However, the bank is also paying more to depositors as well, making it the latest bank to have to compete to keep deposits as customers look for other places to store their cash in higher yielding CDs, money market accounts or online savings accounts.