July 18, 2012 / 11:13 AM / 7 years ago

Bank of America reports second-quarter profit

July 18 (Reuters) - Bank of America Corp reported a second-quarter profit on Wednesday as the second-largest U.S. bank cut costs and reduced reserves for loan losses.

Net income was $2.5 billion, or 19 cents a share, compared with a loss of $8.8 billion a year earlier, when the bank took $20.7 billion in mortgage-related and other charges.

The Charlotte, North Carolina-based bank has lagged its peers in recovering from the financial crisis, largely due to losses tied to its 2008 purchase of subprime lender Countrywide Financial. (Reporting by Rick Rothacker in Charlotte, North Carolina; Editing by Lisa Von Ahn)

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