BofA Posts Earnings of $3.2B - TheStreet

Updated from 7:09 a.m. EDT

Bank of America

(BAC) - Get Report

, the nation's largest bank, reported second-quarter earnings of $3.2 billion, or 33 cents a share after deducting preferred dividends, as the company said results were driven by "continued strong revenue performance in the wholesale capital markets businesses as well as in home loans."

Earnings a year earlier were $3.4 billion, or 72 cents a share,

Analysts surveyed by Thomson Reuters expected BofA to earn 28 cents a share.

The company, like

Goldman Sachs

(GS) - Get Report


JPMorgan Chase

(JPM) - Get Report

, reported strong profit from its trading business. BofA bought

Merrill Lynch

earlier this year.

However, like JPMorgan Chase, BofA did report continuing losses from failed loans. Bank of America said it recorded a $13.4 billion provision for loan losses during the second quarter.

The bank said its mortgage revenue rose following its acquisition of lender

Countrywide Financial


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