San Francisco, CA, United States (4E) – Wells Fargo & Co. announced on Friday that its second-quarter profit grew 3 percent from the same period a year ago despite lower revenues, according to the fourth-biggest bank in the U.S. in terms of assets.
Per-share earnings for the quarter matched analysts’ expectations, while revenues topped their estimates. The firm is the first of its U.S. peers to report quarterly results.
The biggest U.S. mortgage lender said its second-quarter credit losses stood at $717mn, lower by 38 percent from the year-earlier period.
Net income applicable to common stock for the second quarter climbed to $5.42bn or $1.01 per share from $5.27bn or $0.98 a share in the year-ago period.
Revenue for the quarter fell 1 percent to $21.07bn from $21.38bn in the same period last year. Analysts estimated revenue for the quarter to be at $20.82bn.
Net interest income climbed less than 1 percent from the year-ago period to $10.79bn. Non-interest income fell 3 percent to $10.28bn on an annual basis, largely because of lower revenue from mortgage banking.