Bank of America net income sinks 41%

The Charlotte, N.C.-based bank on July 21 reported second-quarter net income of $3.41 billion, down from $5.76 billion posted a year ago. Earnings per share were 72 cents, a 44 percent decrease from $1.28 per share last year.

Net revenue, however, rose to a record $20.32 billion. Net interest income was up 25 percent to $10.94 billion, noninterest income fell 14 percent to $9.69 billion, and noninterest expense climbed 4 percent to $9.56 billion.

“We are pleased with these solid results in a difficult financial environment,” Chairman and CEO Kenneth D. Lewis said in a news release. “Outside of real estate-related products, our operating results were quite good virtually across all business segments.”

The day after the second quarter closed, Bank of America acquired Countrywide Financial Corp., which posted a $2.33 billion second-quarter net loss.

Shares (NYSE: BAC) closed Wednesday at $33.44, compared to a 52-week range of $18.44 to $52.96.