Buoyed by one-time gains from accounting changes and the sale of assets, Bank of America has reported a $6.23bn profit for the third quarter. It's a bright spot amid an outlook darkened by the Charlotte-based giant's surrender of its position as the country’s largest bank by assets. It could have been worse, especially given the mortgage-related losses that have pounded Bank of America’s stock in recent months and caused investors to worry about its long-term strength. The bank reported net income of 56 cents a share, compared with a loss of $7.3bn or 77 cents a share in the year-earlier period. Revenue rose to $28.7bn from $26.9bn, although that too was pumped by one-time gains. Without the special items, Bank of America would have earned about $2.7bn, which includes $1.7bn in reserve releases as credit losses eased. Total assets stand at $2.22tn compared to $2.29tn for JP Morgan Chase, which now holds the title of the largest American bank. JPMorgan is also the biggest bank by deposits, with $1.1tn compared to Bank of America’s $1.04tn deposit base. Although Bank of America Merrill Lynch has been a crucial source of profit recently as other businesses like mortgages hemorrhaged money, the slow trading environment and financial uncertainty in Europe caused trading revenue to drop. The company’s global banking and markets revenue fell to $5.2bn from $7bn , and the unit reported a $302mn loss in the third quarter, a sharp contrast to the $1.46bn gain a year ago. For investors, the red ink flowing from Bank of America’s disastrous acquisition of Countrywide Financial in 2008 remains the biggest worry. Both the federal government and private investors are seeking compensation for tens of billions of dollars in losses on securities backed by subprime mortgages, while also trying to force the bank to buy back soured home loans, arguing the mortgages were improperly originated and bundled into securities. Provisions for so-called put-backs, in which investors try to force the bank to buy back soured mortgages by arguing they were improperly originated and bundled into securities, fell to $278 million. In the second quarter, these provisions totaled a whopping $14 billion, including an $8 deal billion with investors that include the Federal Reserve Bank of New York. [Dealbook, 10/18/11]