Net income rose to $6.4 billion, beating estimates, as investment banking fees surged 35% and wealth management revenue climbed 13%.
Wells Fargo posted second-quarter net income of $6.4 billion, or $2.00 per share, a 17% increase from $5.49 billion, or $1.60 per share, a year earlier. The result topped analyst expectations of $1.72 per share on revenue of $21.9 billion, with total revenue rising 9% to $22.6 billion.
Noninterest income climbed 13% to $10.3 billion, exceeding the $9.44 billion average estimate, while net interest income grew 5% to $12.3 billion. Investment banking fees jumped 35% to $939 million, driven by debt and equity underwriting, including roles in SpaceX’s $86 billion IPO and NextEra Energy’s $67 billion acquisition of Dominion Energy.
Wealth and Investment Management revenue increased 13% to $3.89 billion, supported by a 17% rise in net interest income and a 12% gain in noninterest income. Total client assets in the segment grew 15% to $2.69 trillion.