Bank of America profit more than doubles on lower legal costs

15/07/2015 - 12:10

(Reuters) - Bank of America Corp , the second-largest U.S. bank by assets, said its 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.

Analysts on average had expected earnings of 36 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures reported on Wednesday were comparable.

(Reporting by Richa Naidu and Anil D'Silva in Bengaluru; Editing by Ted Kerr)