Wells Fargo Q2 Profit Climbs - Quick Facts

(RTTNews) - Wells Fargo & Co. (WFC) posted higher net income of $5.7 billion, or $1.01 per share, for second quarter 2014, compared with last year's $5.5 billion, or $0.98 per share. On average, 29 analysts polled by Thomson Reuters expected earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items. Wells Fargo net income applicable to common stock advanced by 3% year-over-year to $5.42 billion, from $5.27 billion.

The firm clocked total revenue of $21.07 billion in the recent quarter, versus $21.38 billion, reported a year back, reflecting higher net interest income and noninterest income. Analysts' revenue consensus for the quarter was $20.82 billion. The company said several businesses generated linked-quarter growth, including capital markets, corporate banking, commercial real estate, corporate trust, debit card, personal lines and loans, merchant services, and retail brokerage.

For the quarter, net interest income grew $176 million on a linked-quarter basis to $10.8 billion driven by organic growth in commercial and consumer loans and higher mortgages held for sale and trading assets; and noninterest income totaled $10.3 billion.