Chris Keane/ Reuters Bank of America Merrill Lynch CEO Brian Moynihan.
The firm reported earnings per share of $0.36 on revenues of $20.6 billion.
Analysts were expecting adjusted earnings per share of $0.33 on revenue of $20.4 billion, according to Bloomberg.
In the same quarter last year, Bank of America reported earnings per share of $0.45 on revenue of $22.35 billion.
In the first quarter, the firm reported earnings per share of $0.21 on revenue of $19.51 billion.
The big story during the second quarter was the UK's decision in June to leave the European Union, which sent shockwaves through markets and could deter central banks from raising interest rates anytime soon.
In the short term, that could be good news for banks' trading revenues, but the long term impacts are less rosy. Bank profitability is largely based on the rate at which they make loans. Lower global interest rates, in turn, negatively affect bank bottom lines.
JPMorgan, Citi, and Wells Fargo have already reported second-quarter earnings. Goldman Sachs is set to report Tuesday, and Morgan Stanley Wednesday.