Wells Fargo Q2 Results Top Estimates

(RTTNews) - Financial services company Wells Fargo & Co. (WFC) reported Friday net income for the second quarter that increased to $5.49 billion or $1.60 per share from $4.91 billion or $1.33 per share in the prior-year quarter.

On average, 19 analysts polled expected the company to report earnings of $1.40 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.01 billion, compared to last year's $1.24 billion.

Total revenue for the quarter declined 3 percent to $20.82 billion from $20.69 billion in the same quarter last year. The Street expected revenues of $20.76 billion for the quarter.

Net interest income was $11.71 billion, down 2 percent from $11.92 billion last year, while non-interest income grew 4 percent to $9.11 billion from $8.77 billion a year ago.

Noninterest expense was $13.38 billion, up 1 percent from $13.29 billion last year.

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