Net income at the largest U.S. bank by assets increased to $2.83 billion, or 28 cents per share, from $2.81 billion, or 44 cents per share, a year earlier.
Analysts on average had forecast a profit of 9 cents per share, according Thomson Reuters I/B/E/S.
Revenue decreased 11 percent to $32.3 billion.
Bank of America shares were up 2.6 percent at $19.98 in trading before the market opened.
At Thursday's close, the shares had rise 29 percent this year, compared with a 34 percent increase in the KBW Bank Index <.BKX>.
(Reporting by Joe Rauch; Editing by Lisa Von Ahn)