Wells Fargo reported its second quarter earnings, which surpassed analysts’ expectations.
The bank’s diluted earnings for the three months ending in June came in at $1.30 per share, exceeding the Street consensus estimates of $1.15 per share. The earnings are also +32.6% higher from the same period last year.
Total revenue of the company increased +2.6% to $21.6 billion, in line with analysts' estimates.
Bad loans and other non-performing assets of the bank declined by - 14% to $6.3 billion, compared to the first three months of the year.
However, Wells Fargo’s net interest margin decreased by 9 basis points from the first three months of this year to 2.82%, and dropped 11 basis points from the same period last year. Net interest income also declined, by $533 million to $13.4 billion, as mentioned by the bank.