8 Key Take Aways from Wells Fargo Q2 Earnings

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Wells Fargo released their Q2 Earnings today.  Here are 5 key takeaways from WFC earnings call.

1. Wells Fargo Co. (NYSE: WFC) Q2 Net Income came in at  $5.56 B with EPS $1.01 vs  $5.46 B with EPS $0.99 in Q1, but lower than $5.72 B with EPS $1.03 of last year.

2. Revenue $22.2 B, same as Q1, up 4% from $21.3 B year over year .

3. Average loans $950.8 B, 2.5% up in Q1, and up 9 % from a year ago.

4. Average deposit $1236.7 B, up 1.4 % from Q1 and 4.3% Y/Y.

5. Charge-offs came in at $924 million, an increase of $274 million from last year, due to losses in the oil and gas portfolio.

6. Charge-offs of average loans 0.39%, up from 0.30% in Q2.

7. Reserve build of $150 million, comparing with reserve release of $350 million last year.

8. Common Equity Tier 1 Ratio – 10.6%.

The big bank said it was pleased with its performance in an environment of economic uncertainty.  WFC stock is down 3% in midday trading.