Bank of America advanced in New York trading as the second-largest U.S. lender said lower legal expenses and loan losses helped profit rebound.

Net income in the third quarter rose to $2.5 billion, or 20 cents a diluted share, from $340 million a year earlier, when per-share results were break-even, the Charlotte, North Carolina-based bank said today in a statement. The average estimate of 24 analysts surveyed by Bloomberg was 21 cents.

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