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Bank of America posted a second-quarter profit of $3.1 billion, or 27 cents per share, beating analysts’ expectations of 22 cents per share but falling short of last year’s 33-cent-per-share gain, according to Reuters. The Charlotte, N.C.-based company, the largest U.S. bank by assets, saw its revenue drop by 11 percent during the quarter but was able to turn a profit off of declining credit costs. The bank’s provision for credit losses was $8.1 billion during the second quarter, a $1.7 billion drop from a quarter earlier and a $5.3 billion decline year-over-year. [Reuters via CNBC]