A less-than-expected net income drop? We’ll take it. Not only that, Bank of America now says it actually thinks it will earn money this year from its purchase of Countrywide (yes, “earn,” as in not a typo). More from the banking titan on its latest derring-do – and how it’s positively affecting its stock price.

Bank of America Corp. posted a 41% decrease in second-quarter net income, as the largest U.S. retail bank became the latest big bank to post results above analysts' expectations.

The results came as Bank of America said it now expects to earn money this year from its acquisition of Countrywide. The news sent shares jumping 9.3% to $29.95 in premarket trading.

Bank of America -- which says it does business with one in three U.S. households -- reported net income of $3.41 billion, or 72 cents a share, down from $5.76 billion, or $1.28 a share, a year ago. Revenue rose 3.5% to $20.3 billion. The mean estimates of analysts polled by Thomson Reuters were for earnings of 53 cents a share on revenue of $18.4 billion.

Bank of America reported write-downs of $1.22 million related to market disruptions, down from $2.81 billion in the first quarter.

Credit-loss provisions more than tripled to $5.83 billion from $1.81 billion a year ago amid rising costs in the home-equity, small-business and home-builder portfolios. The figure surged to $6.01 billion in the first quarter.

Net charge-offs, loans it doesn't think are collectable, jumped to 1.67% from 0.81% of total average loans and leases a year ago and 1.25% in the first quarter, reflecting housing market deterioration and slowing economic conditions. Nonperforming assets surged to 1.13% from 0.32% a year ago and 0.9% in the first quarter.

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