Wells Fargo & Company today reported second quarter 2026 net income of $6.4 billion, or $2.00 per diluted share, compared with $5.5 billion, or $1.60 per diluted share, in the second quarter of 2025. Total revenue was $22.6 billion, up 9% from $20.8 billion a year earlier, driven by a 5% increase in net interest income and a 13% increase in noninterest income. Noninterest expense was $13.7 billion, up 2% from the prior year. Provision for credit losses was $914 million, down from $1.0 billion a year earlier. Average loans were $1,026.5 billion and average deposits were $1,465.6 billion, up 12% and 10% respectively from the second quarter of 2025. Return on equity was 15.0%, up from 12.8% a year earlier, and return on average tangible common equity was 17.7%, up from 15.2%. The Common Equity Tier 1 ratio stood at 10.3%, down from 11.1% a year earlier. The bank repurchased 37.4 million shares, or $3.0 billion of common stock, in the second quarter, and expects to increase its third-quarter common stock dividend by 11% to $0.50 per common share, subject to board approval. The quarter included $132 million, or $0.04 per share, of discrete tax benefits related to the resolution of prior period matters. CEO commentary Chairman and chief executive officer Charlie Scharf said: "We generated strong second quarter results with diluted earnings per share growing to $2.00, up 25% from a year ago. Revenue increased 9% from a year ago with net interest income up 5% and noninterest income up 13%. Continued expense discipline drove positive operating leverage. Total expenses were up 2% from a year ago and non-revenue related expenses were lower. Consumer and commercial credit quality remained strong across all portfolios and net loan charge-offs declined 10 basis points from a year ago. ROTCE increased from 15.2% a year ago to 17.7% in the second quarter and 16.1% in the first half of 2026. Our balance sheet continued to grow with average loans increasing 12% from a year ago, with higher balances in both our consumer and commercial businesses, and average deposits increasing 10%." Consumer Banking and Lending Consumer Banking and Lending revenue increased 6% to $10.3 billion, driven by higher deposit and loan balances, wider deposit spreads and higher deposit-related fees. Net income was $2.3 billion, up 19% from a year earlier. Average loans were $337.8 billion and average deposits were $828.4 billion. Commercial Banking Commercial Banking revenue increased 6% to $3.1 billion. Net interest income was up 3%, driven by higher loan and interest-bearing deposit balances, while noninterest income was up 13%, driven by higher revenue from equity investments, tax credit investments and investment banking. Net income was $1.2 billion, up 8% from a year earlier. Corporate and Investment Banking Corporate and Investment Banking revenue increased 16% to $5.4 billion. Banking revenue was up 20% on higher investment banking fees, while Markets revenue was up 24%, driven by strong performance in equities and higher revenue across most fixed income, currencies and commodities products. Net income was $2.3 billion, up 34% from a year earlier. Wealth and Investment Management Wealth and Investment Management revenue increased 13% to $3.9 billion, driven by a 17% rise in net interest income and a 12% rise in noninterest income on higher investment advisory fees. Net income was $537 million, up 28% from a year earlier. Company-wide client assets grew 15% to $2.7 trillion. Corporate Corporate segment revenue was $413 million, down from $559 million a year earlier, driven by lower net interest income and the absence of a prior-year gain associated with a merchant services joint venture acquisition, partially offset by strong performance from venture capital investments. Net income was $75 million, down from $328 million a year earlier. Re-disseminated by The Asian Banker
