Bank of America has reported a profit of $3.1 billion in the second quarter of this year, down from $3.2 billion in the same period last year.
The company said profits were driven by lower credit costs and the sale of non-core assets.
'We improved our capital foundation through retained earnings, and credit quality improved even faster than expected,' said chief executive officer Brian Moynihan.
Bank of America returned to the black earlier this year after a boardroom shake-up and losses of more than $2 billion last year.
The firm, a fixture on US high streets, last year battled the crushing recession that hit its customer base and against the pressing need to repay a massive taxpayer bailout.
With a $45 billion government bailout paid off, the company reported that performance at some of its most troubled businesses improved.
It also gained from the sale of a $1.2 billion stake in Brazil's Itau Unibanco.
Like fellow banking giant JPMorgan - which reported earnings yesterday - Bank of America said it had begun to reduce reserves to cover bad assets as the economic crisis eased.
At the end of March the firm reported holding $9.8 billion to cover credit losses versus $8.1 billion at the end of June.
Citigroup profits fall by 37%
Citigroup has reported a $2.7 billion quarterly profit, down 37% from the same quarter last year, hurt by lower revenue in its investment banking business.
The third-largest US bank posted second-quarter profit of nine cents a share, compared with $4.28 billon, or 49 cents a share, a year earlier. Analysts had expected five cents a share before special items.
