Bank of America profit more than doubles on lower legal costs

[BENGALURU] Bank of America Corp, the second-largest US bank by assets, said its quarterly profit more than doubled from the same period last year, when earnings were hit by big legal bills.

Net income attributable to shareholders rose to US$4.99 billion, or 45 US cents per share, in the three months ended June 30, from US$2.04 billion, or 19 US cents per share, a year earlier.

The year-earlier results were dragged down by US$4 billion of legal expenses linked to mortgage disputes stemming from the financial crisis.

Litigation expenses fell to US$175 million in the latest quarter.

Analysts on average had expected earnings of 36 US cents per share, according to Thomson Reuters. It was not immediately clear if the figures reported on Wednesday were comparable.

REUTERS