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00:02Wells Fargo reported better-than-expected second-quarter results as higher fee income,
00:07investment banking activity, and net interest income-boosted revenue, according to Benzinga.
00:12The bank reported second-quarter adjusted earnings of $196 per share on revenue of $2262 billion,
00:20topping Wall Street estimates of $172 per share and $2182 billion. Revenue rose 8.6% year-over-year
00:27as net interest income increased 5% and non-interest income climbed 13%.
00:33Corporate and investment banking revenue rose 16%, while wealth and investment management revenue increased 13%.
00:40Wells Fargo repurchased $3 billion of stock and plans to raise its third-quarter dividend by 11%
00:47to $0.50 per share, pending board approval. The bank reaffirmed its 2026 outlook for net interest
00:53income, excluding markets of about $48 billion. Our market's net interest income of around $2 billion
00:59and non-interest expenses of approximately $55.7 billion. Shares were up by 0.25% at 85.50
01:06in Wednesday's pre-market trading, according to Benzinga Pro Data.
01:09For all things money, visit Benzinga.com.
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