- Net income of $5.7B up 4% Y/Y. EPS of $1.01 up 3%.
- ROA of 1.47% slips from 1.57% in Q1, 1.55% a year ago.
- ROE of 13.4% slips from 14.35% in Q1, 14.02% a year ago.
- Net interest income of $10.8B gains $176M from Q1, with NIM of 3.15% down five basis points thanks to strong deposit growth, but not enough to do with the money.
- Noninterest income of $10.3B up $300M from Q1, with mortgage banking income halting its steep decline - it rose to $1.7B, up $213M from Q1. One would expect a gain thanks to seasonality though - on a Y/Y basis, mortgage banking income fell 39%. Overall noninterest income fell 3% Y/Y.
- Noninterest expense of $12.2B up $246M from Q1 and essentially flat from a year ago.
- Common Equity Tier 1 ratio of 11.31% vs. 11.36% in Q1, 10.71% a year ago. 39.4M shares were repurchased during Q2, plus an estimated 19.4M shares through a forward repurchase deal expected to settle in Q3.
- Credit losses of $717M in Q2 vs. $1.2B a year ago. Bank releases $500M for its credit loss allowance (vs. total income of $5.7B), but expects lower level of releases going forward.
- Conference call begins at 10 ET.
- Previously: Wells Fargo EPS in-line, beats on revenue
- WFC -0.3% premarket
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