Wells Fargo announced disappointing earnings this morning which dropped the stock 2% after the opening.
Wells Fargo Results
Second-Quarter earnings fell to $5.56 billion down from $5.72 billion for the same period last year.
This brought earnings down by 3 percent to $1.01 per share down from $1.03.
While the results met most analysts estimates Wells Fargo conceded that low-interest rates continue to hamper the bank’s growth.
Meanwhile they continue to pursue aggressive growth and have expanded lending with total loans up 8 percent to $957.2 billion.
Wells Fargo Net Interest Income Up 4 Percent
Meanwhile Wells Fargo’s net interest income was up 4 percent to $11.73 billion. Net interest margin which is how much Wells Fargo made from its lending business, fell again by 2.86 percent.
Wells Fargo Stock Trade Alert On Disappointing Earnings – July 15 2016
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