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Updated from 9:53 a.m. EDT.
Bank of America (BAC Quote) shares surged as much as 12% after the Charlotte, N.C., bank beat Wall Street's expectations for second-quarter earnings, despite a 41% decline in profits from a year earlier.
The bank recorded profit of $3.41 billion, or 72 cents a share, in the three months ending June 30. That compares to $5.76 billion or $1.28 a share, a year earlier, but up from $1.2 billion or 23 cents in the first quarter. Revenue rose slightly to $20.3 billion.
BofA's second-quarter profit including a pre-tax merger restructuring costs of $212 million. BofA closed its purchase of Countrywide Financial on July 1. ...
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