Bank of America Corp. (BAC) - Get Report  said second-quarter profit jumped as President Donald Trump's tax cuts boosted its bottom line, while the trading division posted better-than-expected results.

Net income rose 33% from a year earlier to $6.8 billion, the Charlotte-based bank said Monday, July 16, in a statement. Earnings per share were 63 cents, beating the average analyst estimate of 57 cents in a FactSet survey.

The tax windfall also padded profits for rival banks JPMorgan Chase & Co. (JPM) - Get Report and Citigroup Inc. (C) - Get Report in their earnings reports last week. But Bank of America also got help from its trading division, where revenue increased by 7% to $4.2 billion; the brokerage firm RBC Capital Markets had predicted a decline of 5.3%. 

"Solid operating leverage and client activity drove earnings higher this quarter," Bank of America CEO Brian Moynihan said in the statement. 

Income taxes totaled $1.71 billion, compared with $3.2 billion in the prior year period. 

JPMorgan and Citigroup are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells JPM or C? Learn more now.