WFC stock rises after reporting $12.32B in net interest income, topping estimates, while credit loss provisions declined.
Wells Fargo shares climbed in pre-market trading after the bank posted second-quarter net interest income of $12.32B, surpassing the $12.30B analyst consensus. The beat was accompanied by a reduction in provisions for credit losses, which came in below expectations.
The bank’s credit quality remained robust across consumer and commercial segments, while expenses rose modestly year-over-year but fell sequentially. Management highlighted disciplined cost control, achieving positive operating leverage and lower non-revenue-related expenses.
WFC stock traded 1.16% higher at $88.69 ahead of the market open.