Wells Fargo 2nd Quarter Profits Rise Matching Estimates; Quarterly Revenue Declines

wellsWells Fargo kicks off second quarter earnings for America’s largest banks with several other major banks reporting earnings next week.

Wells Fargo reported a 2nd quarter profit of $5.73 billion or $1.01 a share, compared with a profit of $5.52 billion or .98 cents a share in the same quarter a year ago.

Wells Fargo’s 2nd quarter results matched consensus estimates of  $1.01 a share.

The San Francisco based bank posted a 3.8 percent increase in profits as costs declined although quarterly revenue dropped to $21.1 billion compared with $21.4 billion in the same quarter a year ago.

Wells Fargo ended a 17 quarter winning streak of rising earnings per share compared with the previous quarter.

“By continuing to serve customers we grew loans, increased deposits and deepened our relationships. Our results also reflected strong credit quality driven by an improved economy, especially the housing market, and our continued risk discipline,” Wells Fargo CEO John Stumpf said.

-Johnathan Schweitzer

 

 

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