Wells Fargo beats estimates for second-quarter results, hikes guidance for net interest income
Publishing timestamp: 2023-07-14 16:07:46
Summary
Wells Fargo exceeded Wall Street estimates for the second quarter, with higher net interest income and increased earnings. The bank hiked its full-year guidance for net interest income and remains optimistic about serving its customers despite economic uncertainty. The provision for credit losses increased, primarily due to commercial real estate office loans. The bank's noninterest expense rose slightly, and it spent $4 billion on share buybacks. Overall, Wells Fargo's performance was positive, although its stock performance lagged behind the S&P 500.
Sentiment: POSITIVE
Tickers: WFC,
Keywords: banks, wells fargo & co, business news, earnings, breaking news: markets, markets, breaking news: investing, investment strategy,
Source: https://www.cnbc.com/2023/07/14/wells-fargo-wfc-2q-2023-earnings.html