The bank reported earnings per diluted share of $0.37 on revenue $20.7 billion.
Analysts were expecting earnings per share of $0.33 on revenue of $20.73 billion, according to Bloomberg.
"We saw solid results this quarter by continuing to execute our long-term strategy," said Chief Executive Officer Brian Moynihan.
"The key drivers of our business -- deposit taking and lending to both our consumer and corporate clients -- moved in the right direction this quarter and our trading results on behalf of clients remained fairly stable in challenging capital markets conditions."
In the same quarter last year, the bank reported a loss of $0.01 per share, revised down to a loss of $0.04 per share, on revenue of $21.4 billion.
The Charlotte, North Carolina-based bank paid a $5.8 billion fine to the Department of Justice that quarter, which shaved earnings per share by $0.43, according to the bank.
Last quarter, the bank reported earnings that beat on the top and bottom lines. Legal fees were down some $3.8 billion from the same quarter a year earlier.
Bank of America also has a new CFO. Bruce Thompson left that position shortly after second-quarter earnings were released in July and has been replaced by Paul Donofrio.
JPMorgan reported Q3 earnings on Tuesday. Wells Fargo will report next, around 8 a.m. Wednesday.