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Bank of America's earnings soar 70 percent

By Christina Rexrode

Associated Press

Published: Wednesday, July 17 2013 6:19 a.m. MDT

A Bank of America branch is seen along Peachtree Street, Tuesday, July 16, 2013, in Atlanta. Bank of America Corp. reports quarterly financial results before the market open on Wednesday, July 17, 2013.

David Goldman, Associated Press

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.