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.