BOA Q2 profit more than doubles to US$5.3b
Results helped by steep drop in litigation costs
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New York
BANK of America, seeking to get on with the business of banking after legal and mortgage troubles, said on Wednesday that its second-quarter profit more than doubled from a year ago, easily surpassing analysts' expectations.
Still, analysts cautioned that while the surprisingly good results reflect progress in cutting expenses, they were also helped by a steep drop in litigation costs and other one-time items, like adjustments to the value of certain debt holdings thanks to a rise in interest rates in the quarter.
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