Bank of America Profits Jump as Legal Costs Drop

Bank of America’s profits more than doubled in the second quarter thanks to lower legal costs and progress in resolving problems stemming from the financial crisis

In this Jan. 14, 2014, photo, a Bank of America sign is photographed in Philadelphia. Bank of America reported its 2015 earnings today. AP Photo/Matt Rourke

NEW YORK—Bank of America’s profits more than doubled in the second quarter thanks to lower legal costs and progress in resolving problems stemming from the financial crisis.

The consumer banking giant earned $4.99 billion after payments to preferred shareholders, the bank said Wednesday, up from $2.04 billion a year earlier. The bank earned 45 cents per share, compared with 19 cents per share a year earlier.

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