Bank of America Profit Shrinks, Beats Wall Street

CHARLOTTE, N.C. (AP) - Bank of America says its second-quarter profit fell 41 percent, as the credit crisis continues.

But the Charlotte bank easily beat Wall Street estimates, and shares are up sharply in trading today.

The nation’s second-largest bank by assets says it earned 3.4 billion dollars, or 72 cents per share, in the April-June period. It had earned nearly 5.8 billion dollars, or $1.28 per share, in the same period last year.

Chief Executive Ken Lewis says he doesn’t think the economy is slipping into a prolonged recession.

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