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Bank of America Earns Small Profit (Update 1)

Bank of America earnings story updated with additional information

  • Bank of America (BAC - Get Report) reports second quarter earnings per share of $0.19
  • Revenue decreased 1% from the previous quarter, to $22.2 billion.
  • Analysts were expecting EPS of $0.14 on revenues of $22.9 billion.

NEW YORK ( TheStreet) -- Bank of America (BAC - Get Report) earned $2.46 billion, or $0.19 per share, in the second quarter.

Revenues of $22.2 billion were less than 1% lower than the previous quarter and 65% higher than the second quarter of 2011. Earnings were more than six times than the three cents per share the bank earned the previous quarter and in stark contrast to a loss a year ago.

"In a challenging global economy, we still see opportunities to do more with our customers and clients," said CEO Brian Moynihan.

As a group, analysts were looking for Bank of America to earn $0.14 per share on revenues of $22.9 billion.

Bank of America earned three cents per share in the first quarter on revenues of $22.5 billion. In the second quarter of 2011, the bank lost 90 cents per share on revenues of $13.5 billion.

-- Written by Dan Freed in New York.

Follow this writer on Twitter.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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