SAN FRANCISCO (CBS SF) — Wells Fargo has reported higher earnings for the second quarter thanks to a pickup in lending and a decline in the amount of bad loans.
The San Francisco-based bank’s net income rose 18 percent to $4.4 billion, compared to $3.7 billion in the same period a year ago.
On a per-share basis, the bank earned 82 cents, in line with estimates of analysts polled by FactSet. Revenue of $21.3 billion was also in line with analysts’ expectations.
Wells Fargo’s total loans grew. Commercial and industrial loans increased, and the bank reported a record amount mortgage applications.
Delinquent loans fell. The bank released some of the reserves it had set aside to cover bad loans.
The stock fell 17 cents in pre-market trading Friday, to $32.68.
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