Bank of America ( BAC) said Wednesday that second-quarter earnings rose 18% from the same quarter last year, as net income in the consumer and small business division more than doubled. The bank earned $5.48 billion, or $1.19 a share, in the quarter, up from $4.66 billion, or $1.14 a share, a year earlier. Analysts were expecting $1.10 a share in the latest quarter. Revenue was 25% higher, at $18.52 billion. Analysts were expecting revenue of $17.49 billion. "Our performance this quarter demonstrates the power of our unmatched franchise and diverse revenue sources, as well as the skill and hard work of our associates," Bank of America said. "Our ongoing advances in operational excellence led to our best efficiency ratio ever, while our investments in innovation and service across the bank produced gains in the consumer, capital markets and wealth management businesses." Revenue in the consumer and small business division was up more than 50%, to $10.48 billion in the quarter, vs. $6.9 billion in the same quarter last year. Net income in the division more than doubled to $3.11 billion from $1.53 billion in the last-year period. Corporate and investment banking revenue was stronger in the quarter, following record performance from other Wall Street firms. Revenue was higher by 16%, to $5.7 billion. But the company failed to translate the higher investment banking revenue into profits. Net income for the division was marginally higher, at $1.72 billion from $1.71 billion last year. The global wealth and investment management division also performed slightly better. The company said revenue rose to $1.96 billion in the quarter from $1.79 billion in the same quarter last year. "We offset the difficult interest rate environment with great execution in every line of business, leading to a significant increase in fee income and continued momentum in the growth of shareholder value," the company said.