SAN FRANCISCO (dpa-AFX) - Wells Fargo (WFC) reported second quarter net
income of $4.91 billion compared to $4.94 billion, last year. Earnings per
common share was $1.33 compared to $1.25. On average, 20 analysts polled by
Thomson Reuters expected the company to report profit per share of $1.29, for
the quarter. Analysts' estimates typically exclude special items.

Second quarter revenue was $20.7 billion, up 1% from a year ago. Analysts on
average had estimated $20.29 billion in revenue.

Net interest income decreased 9% year-over-year to $11.9 billion, due to the
impact of higher interest rates on funding costs, including the impact of lower
deposit balances and customer migration to higher yielding deposit products in
Consumer Banking and Lending and Wealth and Investment Management, higher
deposit costs in Commercial Banking and Corporate and Investment Banking, as
well as lower loan balances, partially offset by higher yields on earning
assets. Noninterest income increased 19% to $8.8 billion.

CEO Charlie Scharf said: '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.'

For fiscal 2024, the company still expects net interest income to be in the
range of down approximately 7-9% from 2023 level. The company currently expects
it to be in the upper half of the range, or down approximately 8-9%.

Shares of Wells Fargo are down 5% in pre-market trade on Friday.

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