BofA profit more than doubles on lower legal costs

Bank Of America Building

Bank of America reported quarterly earnings that beat analysts' expectations on Wednesday, helped by lower legal costs.

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.

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