Key facts
- Wells Fargo's second-quarter net income rose 17% to $6.41 billion.
- Earnings per share for the second quarter were $2.00, up from $1.60 in the prior year.
- Net interest income increased 4% to $12.33 billion.
- The bank's profit beat Wall Street estimates.
Wells Fargo's second-quarter profit increased 17% to $6.41 billion, or $2.00 per share, compared to $5.49 billion, or $1.60 per share, in the same period last year. The rise was primarily driven by a 4% increase in net interest income to $12.33 billion, benefiting from higher interest rates on lending margins and investment securities. Strong loan growth and busy trading desks also contributed to the results, which surpassed Wall Street estimates. CEO Charlie Scharf observed higher consumer spending, lower charge-offs and delinquencies, and strong business balance sheets. Despite beating earnings expectations, Wells Fargo shares declined, reflecting broader investor caution in the banking sector.