Wells Fargo earnings up 20 percent
Friday, July 12, 2013 11:01 AM
Wells Fargo & Co. reported second-quarter net income of $5.5 billion, or 98 cents per share, up 20 percent from $4.6 billion, or 82 cents per share in the second quarter of 2012. "Wells Fargo achieved outstanding results for the second quarter, with our diluted earnings per share growing for the 14th consecutive quarter and our returns on assets and equity increasing from second quarter 2012 and first quarter 2013," Chairman and CEO John Stumpf said in a release. Total average loans were $800.2 billion, up $32 billion from second quarter 2012. Net charge-offs were $1.2 billion, down $1 billion from second quarter 2012; the net annualized charge-off rate on loans was 0.58 percent, the lowest in seven years, the company said.