According to Fortune Bank of America's (BAC) bottom line is springing back to life. Now it just needs its actual business to follow.
The bank, the nation's second largest by assets, said it earned $653 million in the second quarter. That was down 68% from a year ago. But after factoring out non-operating accounting adjustments, the company's earnings more than doubled from a year ago to $5.4 billion, which was far better than analysts had been expecting. On a per share basis, the company's adjusted earnings were $0.31. Analysts had predicted the company would earn $0.12 a share. Revenue, even after the adjustment, was down 3% from a year ago to $27.3 billion.
The strong operating results seemed to justify the company's huge rise in its stock price this year, which is up 60%. B of A has been one of the best performing stocks in the market this year….