Jul. 14 at 9:06 PM
Wells Fargo reported better-than-expected second-quarter earnings, driven by strong investment banking and wealth management performance. Net income rose 17% year over year to
$6.4 billion, or
$2.00 per share, well above analysts' estimates of
$1.71, while revenue increased 9% to
$22.6 billion. Noninterest income climbed 13% to
$10.3 billion, supported by higher investment banking fees and gains from venture capital investments.
Investment banking fees surged 35% to
$939 million, reflecting robust dealmaking activity, while net interest income totaled
$12.3 billion, in line with expectations. Wells Fargo maintained its full-year net interest income guidance of approximately
$50 billion. CEO Charlie Scharf cited the strength of the U.S. economy, operational improvements, and ongoing investments across the business as key drivers of performance.
$WFC