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The positive surprise was driven by a 9 percent improvement in revenue per unit, which benefited from a sharp contraction of fleet (sales), short-term rentals and shelf registration volume in western Europe.
- Morgan Stanley
Net interest margin and Net interest income were stronger than expected, as BAC kept a tight lid on deposit pricing, shrank the securities portfolio and delivered strong loan growth. This should help reduce investor concerns on the bank's ability to manage through the flat yield curve.
- Morgan Stanley