Wells Fargo & Company (NYSE:WFC) on Tuesday reported stronger-than-expected second-quarter results as higher fee income, investment banking activity and net interest income lifted revenue.
The bank reported adjusted earnings of $1.96 per share, beating the Wall Street consensus estimate of $1.72. Revenue rose 8.6% year over year to $22.62 billion, topping analysts’ expectations of $21.82 billion.
On a GAAP basis, net income increased 17% to $6.41 billion, while diluted earnings per share rose to $2.00 from $1.60 a year earlier. Return on equity improved to 15% from 12.8%, and return on tangible common equity increased to 17.7% from 15.2%.
“We saw broad-based revenue growth, with all of our operating segments generating strong revenue growth,” Chairman and CEO Charlie Scharf said.
Net Interest Income, Fee Revenue Rise
