Beats Earnings by ~6% & Beats Revenue expectations by ~2%
Total Revenue: ~$20.69 Bn, up 1% YoY, down 1% QoQ
Net interest income: $11.92B, down 9% YoY, down 2% QoQ
ROE: 11.5%
Shares down ~6% after results
Key Takeaways:
Provisions for credit losses: $1.24B, down 28% YoY, up 32% QoQ
Net loan charge-off: 0.57% vs. 0.50% in Q423 & 0.32% in Q123
Consumer Banking & Lending revs: $9.01Bn, down 5% YoY, down 1% QoQ
Commercial Banking revs: $3.12Bn, down 7% YoY, down 1% QoQ
CEO Charlie Scharf on Revenue Growth:
“Our efforts to transform Wells Fargo were reflected in our second quarter financial performance as diluted earnings per common share grew from both the first quarter and a year ago. We continued to see growth in our fee-based revenue offsetting an expected decline in net interest income,”
