The bank earned $4.94 billion, up 57% from the year-earlier quarter. That amounts to $1.25 per share, topping the $1.16 that analysts polled by FactSet had expected.
Revenue rose 20% from a year earlier to $20.53 billion. Analysts expected $20.11 billion.
The bank made more loans and charged higher interest on them, boosting its net interest income by 29% from a year earlier to $13.16 billion. The bank also increased its guidance for the full year, saying it expects net interest income to rise 14% in 2023.
Noninterest income, which included more fees from the bank’s trading division, rose 8% to $7.37 billion.
The bank, which has been working to control costs, said noninterest expenses rose 1% from a year earlier to $12.99 billion.
Bank customers have been pulling deposits in the search for higher-yielding returns. Wells Fargo had $1.34 trillion in deposits at the end of June, down 6% from a year earlier.
The bank paid an average rate of 1.63% on its interest-bearing deposits, up from 1.22% at the end of March. Total interest expense rose by 29% from the first quarter to $7.67 billion.
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