Wells Fargo says its second-quarter profit rose 3 percent, bolstered by loan growth, higher deposit balances and improved credit quality. Revenue slipped, but still topped analysts' estimates.
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The nation's largest mortgage lender said Friday that net income after taking out dividends on preferred stock was $5.42 billion, or $1.01 per share, for the period ended June 30. A year ago it earned $5.27 billion, or 98 cents per share.
The income was in line with analysts' expectations.
Revenue declined 1 percent to $21.07 billion from $21.38 billion, but still beat Wall Street's forecast of $20.84 billion.
As the first major bank to post results this earnings season, San Francisco-based Wells Fargo & Co. sets the tone for the rest of the industry.
Its stock fell slightly in premarket trading.