By Jonathan Davies

Bank of America has reported profits of $168m (£106m), a year after reporting earnings of $2.5bn.

On the whole, the Bank improved its profitability. But a multi-billion dollar settlement over mortgages resulted in a huge drop in profits.

The Bank of America paid $5.3bn to the Department of Justice and other US authorities.

"We saw solid customer and client activity and improved profitability in most of our businesses relative to the year-ago quarter," said the bank's chief executive Brian Moynihan.

Its global banking division saw profits rise by 25% to $1.4bn. The asset management division saw a slight increase to $813m. The bank's property business posted a $5.2bn loss, down from a loss of $990m last year.

Overall, the Bank of America reported total revenues of more than $21bn.

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