Banking

Bank of America Profits Up 63 Percent in Quarter

Cutting costs while loan losses shrink

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Bank of America's second-quarter profit rose 63%, as the nation's second-largest bank reaped the benefits of CEO Brian Moynihan's cost-cutting and as loan losses from the 2008 mortgage meltdown continued to shrink.

Charlotte, N.C.-based Bank of America earned $4.0 billion, or 32 cents a share, as revenue climbed 3% to $22.9 billion. Analysts had expected the bank to earn 25 cents a share, according to data compiled by FactSet.