Wells Fargo Q2 Profit Declines

Wells Fargo Q2 Profit Declines

Wells Fargo Q2 Profit Declines

The FINANCIAL -- Wells Fargo & Co. reported that its second quarter net income applicable to common stock declined to $5.36 billion from $5.42 billion in the comparable quarter last year. Earnings per share for the latest quarter were $1.03, up from $1.01 in the second quarter of 2014, according to Nasdaq.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter grew to $11.27 billion from $10.79 billion in the prior year, while total non-interest income declined to $10.05 billion from $10.28 billion last year.

For the latest second quarter, revenue was $21.32 billion, compared to $21.07 billion in prior year period. Wall Street expected revenues of $21.70 billion for the quarter.

Chief Financial Officer John Shrewsberry said, "Wells Fargo's second quarter results once again reflected the benefit of our balanced business model. Compared with the first quarter, revenue increased on net interest income growth and expenses declined. Our balance sheet remained strong, as evidenced by solid asset quality, liquidity and capital, and we were within our targeted ranges for ROA, ROE and efficiency."