NEW YORK — Bank of America says its second-quarter profits soared, helped by higher earnings from investment banking and cost-cutting.
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. The bank's stock rose 1 percent in pre-market trading.