Lower costs help lift Wells Fargo’s 2Q profit

Lower expenses and fewer bad loans helped lift Wells Fargo’s second-quarter profit by 20 percent, the company reported Friday. The cost-cutting and improved loan quality helped the nation’s biggest U.S. mortgage lender overcome meager revenue growth. Net income rose to $5.27 billion from $4.40 billion a year earlier, excluding dividend payments on preferred stock. On a per-share basis, earnings were 98 cents, beating the 93 cents forecast by Wall Street. Revenue edged up to $21.4 billion from $...

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