Wells Fargo: quarterly EPS nearly halved

(CercleFinance.com) - Wells Fargo Bank reported Q2 net income of 3.
12 billion dollars, or EPS of 74 cents, nearly half (-46%) the level in Q2 last year.

The decline was due in part to 580 million dollars in provisions for credit losses, compared to 1.26 billion dollars in reversals a year earlier, but was also due to a 16% drop in revenues to 17 billion dollars.

However, the group said that going forward, its results should continue to benefit from a rising interest rate environment with higher net interest income more than offsetting short-term pressures on other revenues.


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