Bank of America Corp. said Wednesday that second-quarter net income more than doubled to $9.22 billion from $3.53 billion a year ago.
The Charlotte, North Carolina-based bank said it had earnings of $1.03 per share for the quarter ended June 30, up from 37 cents in the year-ago quarter.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The nation’s second-largest bank posted revenue of $22.62 billion in the period. Its revenue net of interest expense was $21.47 billion, missing Street forecasts. Four analysts surveyed by Zacks expected $21.77 billion. Year-ago revenue was $22.33 billion.
Bank of America shares have increased 32% since the beginning of the year, while the S&P 500 index has risen 16%. The stock has climbed 65% in the last 12 months.
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