• 5 months ago
Wells Fargo experienced a year-over-year decline in net interest income for the second quarter, falling below analyst estimates due to increased funding costs from higher interest rates. Overall earnings and revenue exceeded Wall Street expectations. Wells Fargo's stock price dropped over 5% in pre-market trading following the earnings report. Non-interest income from fees rose, helping to offset the decline in net interest income. Investment banking, advisory, and trading fees performed strongly. The bank repurchased $12 billion in stock in the first half of the year and plans to increase its quarterly dividend by 14%.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02Wells Fargo experienced a year-over-year decline in net interest income for the second quarter,
00:07falling below analysts' estimates due to increased funding costs from higher interest
00:11rates.
00:12Overall earnings and revenue exceeded Wall Street expectations.
00:16Wells Fargo's stock price dropped over 5% in pre-market trading following the earnings
00:20report.
00:21Non-interest income from fees rose, helping to offset the decline in net interest income.
00:26Investment banking, advisory, and trading fees performed strongly.
00:29The bank repurchased $12 billion in stock in the first half of the year and plans to
00:33increase its quarterly dividend by 14% going forward.
00:36For all things money, visit Benzinga.com.

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