Wells Fargo Profit Up 13% to $232 Million in 2nd Quarter
From Staff and Wire Reports
Keeping problem loans under control, Wells Fargo & Co. reported a second-quarter profit of $232 million, up 13% from the $206 million earned in the corresponding period last year.
San Francisco-based Wells, one of several major U.S. banks to report earnings Tuesday, said the profit difference was mainly attributable to the fact that it added nothing to its reserve against possible loan losses. It made a $60-million loan-loss provision a year ago.
Wells also managed to buck an industry trend by fattening its net interest margin--the spread between what it earns on loans and pays out on deposits--to 5.66% in the quarter ended June 30, as compared to 5.56% a year earlier.
