SAN FRANCISCO (AP) — Wells Fargo & Co. on Tuesday reported higher second quarter results that beat estimates.
The San Francisco-based bank said it had earnings of $6.21 billion, or $1.30 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.
The biggest U.S. mortgage lender posted revenue net of interest expense was $21.58 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $20.79 billion.
Wells Fargo shares have risen slightly more than 1% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has dropped 16% in the last 12 months.