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updated: 7/17/2013 7:28 AM

Bank of America's earnings soar 70 percent

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  • A customer uses a Bank of America ATM Tuesday in downtown Charlotte, N.C.

      A customer uses a Bank of America ATM Tuesday in downtown Charlotte, N.C.
    Associated Press

 
Associated Press

Bank of america says its second-quarter profits soared, helped largely by cost-cutting. the results beat analysts' expectations. the bank earned $3.6 billion in the quarter after payments to preferred shareholders. that was up 70 percent from $2.1 billion a year ago. the bank benefited from lower litigation expenses, having already settled several high-profile lawsuits related to its mortgage unit earlier this year.

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