BOSTON (Thomson Financial) - Wells Fargo & Co. Wednesday reported
second-quarter earnings of $1.75 billion, or 53 cents a share, compared with
income of $2.28 billion, or 67 cents a share, a year earlier.
The mean estimate of analysts polled by Thomson Reuters was for earnings of
50 cents a share.
Sales for the three months ended June 30 rose 16% to $11.46 billion from
$9.89 billion a year ago. Wall Street analysts, on average, estimated revenue of
$10.65 billion.
The San Francisco-based bank said second-quarter net charge-offs as a
percent of total loans rose to 1.55% from 0.87% in 2007.
Wells Fargo also said its board has increased its third-quarter dividend to
34 cents a share from 31 cents a share.
The company reported a second-quarter provision for credit losses of $3
billion, including a $1.5 billion reserve build.
Net interest margin for the quarter edged higher to 4.92% from 4.89% a year
ago, Wells Fargo said.
Shares rose 13% to $23.20 on volume of 940,000 prior to the opening bell,
cutting into the issue's 28% decline year-to-date.
Greg Saulnier
gs/jw
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