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7/16, 2:01 PM (Source: TeleTrader)
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Wells Fargo's EPS jumps 24.6% to $1.30 in Q2

Wells Fargo said on Tuesday its diluted earnings per share increased 24.6% from $0.98 a year ago to $1.30 in the second quarter this year. Net income was reported at $6.21 billion in the quarter ending June 30, marking a rise of 19.6% year-on-year.

The bank's revenue in the second quarter was $21.6 billion, exceeding expectations. The figure remained unchanged compared to the previous quarter and the second quarter in 2018. Net interest income was at $12.5 billion, declining $446 million year-on-year while non-interest income rose from $9 billion in the second quarter a year ago to $9.5 billion in the same three-month period this year.

Interim CEO Allen Parker said, “In second quarter 2019, we recorded strong earnings and continued to make progress on our top priorities: focusing on our customers and team members; meeting the expectations of our regulators; and continuing the important transformation of our company."

The bank's stock were down in premarket trade 0.47% at 8:16 ET.

Breaking the News / VP