Summary
Wells Fargo & Company reported a net income of $5.7 billion for the second quarter of 2014, a slight increase from $5.5 billion in the same period last year, with diluted earnings per share of $1.01. The company demonstrated continued strength in loan and deposit growth, with total loans up 4% year-over-year and total deposits up 9%. Credit quality improved significantly, with net charge-offs down 38% year-over-year, reflecting historically low loss levels and decreasing nonperforming assets. The balance sheet remained robust, with total equity increasing by $5.1 billion from the prior quarter, supported by strong earnings and capital generation. The company also continued its capital return program, increasing the common stock dividend by 17% and actively repurchasing shares.
Financial Highlights
36 data points| Interest Expense | $1.00B |
| Net Income | $5.73B |
| EPS (Basic) | $1.02 |
| EPS (Diluted) | $1.01 |
| Shares Outstanding (Basic) | 5.27B |
| Shares Outstanding (Diluted) | 5.35B |
Key Highlights
- 1Net income for Q2 2014 was $5.7 billion, up 3.7% from Q2 2013, with diluted EPS of $1.01.
- 2Total loans increased by 4% year-over-year to $828.9 billion, with core loan portfolio growth of 7%.
- 3Total deposits grew by 9% year-over-year to $1.1 trillion.
- 4Net charge-offs decreased by 38% year-over-year to $717 million, representing 0.35% of average loans.
- 5Nonperforming assets decreased by 4% from the prior quarter, marking the seventh consecutive quarter of decline.
- 6Total equity increased to $181.5 billion, up 3% from the prior quarter.
- 7The common stock dividend was increased by 17% to $0.35 per share.