CHARLOTTE -- Bank of America reported profits of $5.76 billion in the second quarter, 5 percent more than it earned from April to June last year.
The increase came from an unusual source. The bank overcame a 23 percent decline in earnings at its retail bank, its largest unit, with one-time profits from the sale of private equity funds. Two smaller units, the corporate bank and the wealth management business, also increased earnings.
The Charlotte company earned $1.28 a share, compared with $1.19 a share during the same period last year. Revenues increased across the company to a total of $20 billion, up 7.8 percent from $18.5 billion last year.