NEW YORK -- Bank of America Corp.'s profit jumped 63% in the second quarter as the financial giant continued to cut costs and struggled to clean up its troubled mortgage business.
The Charlotte, N.C.-based bank said it earned $4 billion, or 32 cents a share, in net income in the second quarter, up from $2.5 billion, or 19 cents, in the same period a year ago. Revenue increased 3.5% to $22.7 billion.
The results beat analysts' expectations of per-share earnings of 25 cents, according to data compiled by Thomson Reuters.
Boosting the bank's performance was improved income from trading, investment banking, wealth management and lending.
"We are doing more business with our customers and clients, and gaining momentum across every customer group we serve," Chief Executive Brian Moynihan said in a statement. "We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead.”
Cost-cutting also helped. Bank of America booked $471 million in litigation expenses in the second quarter, down sharply from $963 million in the same period last year.