(Bloomberg) -- Bank of America Corp., shaking off some of the drag caused by faulty mortgages, swung to a second- quarter profit as losses in real estate narrowed and the company set aside less for bad loans.

Net income was $2.46 billion, or 19 cents a share, compared with the year-earlier record loss of $8.83 billion, or 90 cents a share, the Charlotte, North Carolina-based company said today in a statement. Results beat the 15-cent average estimate of 25 analysts surveyed by Bloomberg.

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