Bank of America posts profit on asset sales

Bank of America, the nation's largest bank by assets, said net income applicable to common shareholders was $5.9 billion, or 56 cents a share, in the quarter, compared with a loss of $7.6 billion, or 77 cents per share, in the same period a year earlier, when the bank took a $10.4 billion accounting charge.

Bank of America recorded $9.8 billion in pretax benefits from the sale of China Construction Bank shares and two accounting gains during the quarter. It also took a pretax loss of $2.2 billion related to private equity and "strategic investments."

Total revenue increased about 6 percent to $28.7 billion.

Noninterest expense climbed about 4.7 percent to $17.6 billion.

Its shares were down 3.3 percent at $5.83 in premarket trading.

(Reporting by Rick Rothacker and Joe Rauch in Charlotte, North Carolina; Editing by Derek Caney)