Bank of America became the latest bank to report better-than-expected earnings, even as it revealed Monday that its profits plunged 41% during the most recent quarter.

The Charlotte, N.C.-based company reported net income of $3.41 billion, or 72 cents a share, during the second quarter. That was down 41% from $5.76 billion, or $1.28, a year earlier.

Revenue rose to $20.32 billion, up from $17.73 billion a year earlier, driven by wider net interest margins, loan growth and higher income from mortgage banking and the company's investment and brokerage services.

Both figures were much better than had been expected. Analysts surveyed by Thomson Reuters were expecting the company to report a profit of $2.66 billion, or 53 cents a share, on revenue of $18.37 billion.

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