Bank of America Net Rises

Nonperforming assets rose 11% from the fourth quarter and 23% from a year ago to $2.06 billion.

BofA's investment banking business improved by 35%, driven by debt underwriting and M&A deal volume, the company says.

Earlier this week, Bank of America, JPMorgan Chase(JPM Quote) and two private equity firms agreed to pay $25 billion for student lender Sallie Mae (SLM Quote).

BofA is also putting the finishing touches on its $3.3 billion buy of U.S. Trust, the ultra high-net-worth advisory unit of Charles Schwab(SCHW Quote). The deal is expected to close in the third quarter.

Shares fell 32 cents to $51.50 in premarket trading.