Bank of America reported a slim quarterly profit

Bank of America reported a slim quarterly profit on Wednesday, a small success for the bank after doling out huge payments to settle claims it misled investors about its takeover of Merrill Lynch during the financial crisis. The bank reported$340 million in net income, a 95 percent drop from the $6.23 billion profit it posted in the period a year earlier. The results amounted to zero cents per diluted share,compared with 56 cents last year. The bank's revenue also dropped 28 percent, to $20.6 billion. The top and bottom line figures reinforced concerns that Bank of America, the nation's second-largest by assets after JPMorgan Chase, had struggled to shed the legacy of the 2008 crisis.