Wells Fargo & Co.

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Other Pre-Announcement

Wells Fargo Reports Q2 2021 Net Income Of $1.38 Per Diluted Share

Published: 07/14/2021 11:57 GMT
Wells Fargo & Co. (WFC) - Wells Fargo Reports Q2 2021 Net Income of $6.0 Billion, Or $1.38 per Diluted Share.
Credit Quality Continued to Be Exceptionally Strong.
Qtrly Total Revenue $20,270 Million Versus $18,286 Million.
Q2 2021 Results Included$1.6 Billion, Or $0.30 per Share, Decrease in Allowance for Credit Losses.
While We Expect Charge-offs Will Increase at Some Point, We Continue to See Strong Trends in All of Our Businesses.
Qtrly Non-interest Expense $13,341 Million Versus $14,551 Million in Q2 2020.
Q2 2021 Results Included $147 Million Gain on Sale of Student Loans and $79 Million Write-down of Related Goodwill.
Return on Equity of 13.6 % at Quarter-end Versus Negative 10.2% Last Year.
Qtrly Total Average Loans Were $854.7 Billion Versus $971.3 Billion in Q2 2020.
Qtrly Provision for Credit Losses Decreased $10.8 Billion.
Wells Fargo CEO Says Headwinds of Low Interest Rates and Tepid Loan Demand Remained in Quarter.
Qtrly Net Interest Income $8,800 Million Versus $9,892 Million in Q2 2020.
Qtrly Net Interest Margin on a Taxable-equivalent Basis 2.02% Versus 2.25% in Q2 2020.
Q2 Earnings per Share View $0.97, Revenue View $17.77 Billion -- Refinitiv Ibes Data (analyst estimates).
Third Quarter 2021 Common Stock Dividend is Expected to Be $0.20 per Share.