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Net
income attributable to shareholders more than doubled to $4.99
billion, or 45 cents per share, in the second quarter from $2.04
billion, or 19 cents per share, a year earlier.
BofA's shares were up 2.9 percent at $17.62 in premarket
trading.
The bank's profit in the year-earlier quarter was dragged down
by $4 billion of legal expenses linked to mortgage disputes
stemming from the financial crisis. Litigation expenses fell to
$175 million in the latest quarter.
BofA has paid at least $70 billion to settle legal issues
related to the financial crisis, undermining cost-cutting
initiatives introduced by Chief Executive Brian Moynihan after
he assumed the top job in 2010.
Analysts on average had expected earnings of 36 cents per share,
according to Thomson Reuters I/B/E/S. It was not immediately
clear if the reported figures were comparable.
"We also benefited from the improvement in the U.S. economy,
where we are particularly well positioned," Moynihan said in a
statement.
The bank's non-interest expenses fell 25.5 percent to $13.82
billion, while net interest income rose 4.7 percent to $10.49
billion. Overall revenue, excluding adjustments, rose 1.7
percent to $22.12 billion.
(Reporting by Richa Naidu and Anil D'Silva in Bengaluru; Editing
by Ted Kerr)
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