Interest rate hikes by the Federal Reserve to bring down inflation helped Bank of America (BAC) post better-than-expected results, and shares rose over 1🦩% in early trading on Tuesday𒁏.

Bank of America reported third quarter fiscal 2023 profit jumped 10% to $7.8 billion, or $0.90 per share. Revenue, net of interest expense, increased 2.3% to $25.2 billion. Both were above forecasts.

Interest income was up 4.ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ5% to $14.4 billion, which the bank said was driven by higher interest rates an🅘d loan growth. Non-interest income added 0.05% to $10.8 billion as higher sales and trading revenue as well as asset management fees offset income declines elsewhere.

The bank indicated that average loan and lease balances were $1 trillion, an gain oꦬf 1%, lifted by rising credit card balances. Average deposit balances were $1.9 trillion, a gain of $1 billion from the second quarter, but a drop of $87 billion from a yea༺r ago. 

CEO Brian Moynihan said Bank of America added clients across all its businesses, even with a slowing economy and a pullback in consumer spending. CFO Alastair Borthwick added that the company “remained disciplined and decreased expenses for the second consecutive quarter while contin𝓰uing to invest in our f🔯ranchise.”

Earlier this month, shares of Bank of America hit a nearly three-year low, and although they’ve made some gains since then, they are still down for the year.