Bank of America's 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 $4.99 billion, or 45 cents per share, in the three months ended June 30, from $2.04 billion, or 19 cents per share, a year earlier.
The year-earlier results were dragged down by $4 billion of legal expenses linked to mortgage disputes stemming from the financial crisis.
Litigation expenses fell to $175 million in the latest quarter.
Revenue increased to $22.12 billion from $21.96 billion a year ago.
Bank of America was forecast to deliver earnings of 36 cents per share on $21.32 billion in revenue, according to a consensus estimate from Thomson Reuters.
Bank of America earnings follow an earnings beat by JPMorgan Chase on Tuesday. On the same day, Wells Fargo matched earnings forecasts.
-Reuters contributed to this report.