🔹 Revenue: $20.82B (Est. $20.76B) 🟢;+1% YoY
🔹 EPS: $1.60 (Est. $1.40) 🟢;+20% YoY
🔹 NII: $11.71B (Est. $11.83B) 🔴;DOWN -2% YoY
Guidance
🔹 Sees FY NII about $47.7B (Est. $47.92B) 🟡
Other Metrics
🔹 Provision for credit losses: $1.01B (Est. $1.16B) 🟢;-19% YoY
🔹 Non-interest expenses: $13.38B (Est. $13.40B) 🟢;+1% YoY
🔹 Total avg. loans: $916.7B (Est. $913.44B) 🟢
🔹 Total avg. deposits: $1.33T (Est. $1.35T) 🔴;-1% YoY
🔹 Non-performing assets: $7.96B (Est. $8.68B) 🟢;-8% YoY
🔹 ROE: 12.8%;+1.3 pp YoY
CEO Commentary
🔸 “Our second quarter results reflect the progress we are making to consistently produce stronger financial results with net income and diluted earnings per share up from both the first quarter and a year ago. Our efforts to increase fee-based income drove revenue growth and both net interest income and noninterest income grew from the first quarter. We are investing in our businesses but remain focused on expense management.”
🔸 “The lifting of the asset cap in the second quarter marked a pivotal milestone in Wells Fargo’s ongoing transformation… We now have the opportunity to grow in ways we could not while the asset cap was in place and are able to move forward more aggressively to serve consumers, businesses, and communities to support U.S. economic growth.”