UPDATE: Wells Fargo Q2 Profit Meets Estimates

Wells Fargo & Co

reported a gain in its second-quarter profit. Wells Fargo's quarterly profit surged to $5.7 billion, or $1.01 per share, from a year-ago profit of $5.5 billion, or $0.98 per share. Its revenue declined 3.4% to $21.1 billion from $21.4 billion. However, analysts were expecting a profit of $1.01 per share on revenue of $20.84 billion. Its noninterest expense declined $61 million to $12.2 billion. Total average loans rose 4% y/y to $831.0 billion, while total average deposits climbed 9% to $1.1 trillion. Nonperforming assets declined 14% to $3.0 billion. The company's press release offered the following comment from Chairman and CEO John Stumpf: “Our strong results in the second quarter reflected the benefit of our diversified business model and our long-term focus on meeting the financial needs of our customers.” Wells Fargo shares fell 0.41% to $51.60 in pre-market trading.