NEW YORK — Bank of America says its second-quarter profits soared, helped by cost-cutting and strength in investment banking.
The results beat analysts' expectations. The bank earned $3.6 billion in the quarter after payments to preferred shareholders. That was up 70 percent from $2.1 billion a year ago.
Per share, that worked out to 32 cents. Analysts polled by FactSet had expected 25 cents per share.
Revenue was $22.9 billion after stripping out one-time charges, up 3 percent from a year ago. That was better than the $22.8 billion expected by analysts polled by FactSet.