Wells Fargo Reports 57% Profit Increase, Boosts Outlook for Interest Income
Wells Fargo reports a 57% profit increase and raises its outlook for interest income as higher rates boost the bottom line across consumer and commercial lending.
Wells Fargo (WFC.N) raised its annual forecast for net interest income (NII) after its profit surged 57% in the second quarter, sending its shares modestly higher.
NII climbed 29% to $13.16 billion as the bank brought in more interest payments after the Federal Reserve increased borrowing costs to tame inflation.
“The U.S. economy continues to perform better than many had expected,” CEO Charlie Scharf said. “Although there will likely be continued economic slowing and uncertainty remains, it is quite possible the range of scenarios will narrow over the next few quarters.”
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