Bank of America Corporation (NYSE: BAC) reported its first quarter financial results before the market open on Tuesday. The bank reported record quarterly profit, however, shares slid by 2.1% shortly after the opening bell.

For the quarter, Bank of America reported earnings of USD 0.70 per share on revenue of USD 23 Billion. Analysts expected earnings of USD 0.66 per share, while revenue was in-line with estimates.

Bank of America saw its profits rise by 6% year-over-year, while revenue essentially remained flat for the quarter. The bank reported better-than-expected profit after cutting its expenses. Expenses fell by 4% year-over-year to USD 13.2 Billion, almost USD 500 Million lower than estimates.

“Our diverse business mix and commitment to responsible growth drove record quarterly earnings,” said Brian Moynihan, Chairman and Chief Executive Officer. “Economic growth and consumer activity in the U.S. continue to be solid, businesses of every size are borrowing and driving the economy, and asset quality is strong. It was a challenging capital markets environment but our team and platform are optimized to serve clients and generate stable revenues across a range of market conditions over time.”

The bank’s net interest yield (FTE basis) was 2.51% for the quarter, up 9 basis points and also surpassing analysts’ estimates of 2.48%.

Average loan and lease balances in business segments rose by 4% to USD 897 Billion, while consumer loans rose by 3% and commercial loans gained 4%. Average deposit balances increased by 5% to USD 1.4 Trillion.

Bank of America’s Consumer Banking segment record net income of USD 3.2 Billion, up 25% year-over-year. Loans rose by 5% to USD 292 Billion and deposits were up by 3% to USD 697 Billion. Consumer investment assets gained 16% to USD 211 Billion. The stronger quarterly growth in the consumer banking segment driven by the bank’s 27.1 million large active mobile user base and the segments improved efficiency ratio to 45%.

Global Wealth & Investment Management segment saw its net income rise by 14% to USD 1 Billion. Total clients balances totaled USD 2.8 Trillion at the end of the quarter. Loans rose by 3%, while deposits gained 8%.

Global Banking reported net income of USD 2.0 Billion. Firmwide investment banking fees were USD 1.3 Billion. Loans increased by 5% to USD 370 Billion, while deposits fell by 8% to USD 349 Billion. Despite the decline in deposits, the segment’s efficiency ratio improved to 44%.

Bank of America’s Global Market segment reported sales and trading revenue on an adjusted basis of USD 3.6 Billion, down 13% year-over-year. Equities fell by 22% to USD 1.2 Billion, while FICC was down 8% to USD 2.4 Billion.