Wells Fargo swings to profit in 2Q, revenue rises

Wells Fargo & Co. swung to a profit of $6 billion in second quarter, after reporting a loss in the same period a year earlier.

The San Francisco-based bank said Wednesday that it had earnings of $1.38 per share compared with a loss of $1.01 per share a year ago.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The biggest U.S. mortgage lender posted revenue of $21.16 billion in the period. Its revenue net of interest expense was $20.27 billion, which also topped Street forecasts. Four analysts surveyed by Zacks expected $17.78 billion.

Wells Fargo shares have risen 43% since the beginning of the year, while the S&P 500 index has increased 16%. The stock has climbed 70% in the last 12 months.


This story was partially generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC