Wells Fargo Beats Second-Quarter Estimates Amid Broad-Based Revenue Growth
Wells Fargo (WFC) joined other Wall Street banks that reported above-consensus second-quarter results on Tuesday amid broad-based revenue growth, while Chief Executive Charlie Scharf said consumers and businesses remain "very strong" despite inflation concerns. The lender posted earnings of $2 a share for the June quarter, up from $1.60 a year ago and surpassing the FactSet-polled consensus of $1.72. Overall revenue increased 9% to $22.62 billion, topping the Street's view for $21.86 billion. Net interest income rose 5% to $12.32 billion, while noninterest income climbed 13% to $10.31 billion. All of Wells Fargo's operating segments generated strong revenue growth, Scharf said in an earnings release. "We are clearly benefitting from the broad-based economic strength we see in the US, but the investments we are making and our improved operating discipline also drove strong momentum in our key business metrics across all operating segments again this quarter," he said. Wells Fargo's corporate and investment banking revenue climbed 16% to $5.43 billion, buoyed by gains of 20% and 36% in lending and investment banking, respectively. Markets revenue increased 24% from a year.
Wells Fargo (WFC) joined other Wall Street banks that reported above-consensus second-quarter results on Tuesday amid broad-based revenue growth, while Chief Executive Charlie Scharf said consumers and businesses remain "very strong" despite inflation concerns.
The lender posted earnings of $2 a share for the June quarter, up from $1.60 a year ago and surpassing the FactSet-polled consensus of $1.72.
Overall revenue increased 9% to $22.62 billion, topping the Street's view for $21.86 billion.
Net interest income rose 5% to $12.32 billion, while noninterest income climbed 13% to $10.31 billion.
All of Wells Fargo's operating segments generated strong revenue growth, Scharf said in an earnings release. "We are clearly benefitting from the broad-based economic strength we see in the US, but the investments we are making and our improved operating discipline also drove strong momentum in our key business metrics across all operating segments again this quarter," he said.
Wells Fargo's corporate and investment banking revenue climbed 16% to $5.43 billion, buoyed by gains of 20% and 36% in lending and investment banking, respectively.
Markets revenue increased 24% from a year.