Wells Fargo 2Q profit rises, helped by loan growth

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Associated Press

Posted on July 11, 2014 at 7:01 AM

Updated Friday, Jul 11 at 7:02 AM

Wells Fargo says its second-quarter profit rose 3 percent, bolstered by loan growth, higher deposit balances and improved credit quality. Revenue slipped, but still topped analysts' estimates.

The nation's largest mortgage lender said Friday that net income after taking out dividends on preferred stock was $5.42 billion, or $1.01 per share, for the period ended June 30. A year ago it earned $5.27 billion, or 98 cents per share.

The income was in line with analysts' expectations.

Revenue declined 1 percent to $21.07 billion from $21.38 billion, but still beat Wall Street's forecast of $20.84 billion.

As the first major bank to post results this earnings season, San Francisco-based Wells Fargo & Co. sets the tone for the rest of the industry.

Its stock fell slightly in premarket trading.

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