Earnings call: Wells Fargo reports mixed Q2 results, plans dividend hike
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Wells Fargo reported mixed Q2 results, with strengths in fee-based revenue and challenges in net interest income and loan growth. The company plans to increase its common stock dividend by 14% in Q3. CEO Charlie Scharf highlighted the growth in fee-based revenue and strategic improvements in the credit card and corporate investment bank sectors. CFO Mike Santomassimo highlighted the financials, including a 19% increase in non-interest income and a slight decline in the allowance for credit losses. The bank faced increases in non-interest expenses and net loan charge-offs, particularly in the commercial real estate office portfolio. Wells Fargo's full-year 2024 net interest income is expected to be 8-9% lower than 2023, and full-year non-interest expenses are projected at approximately $54 billion.
https://www.investing.com/news/stock-market-news/earnings-call-wells-fargo-reports-mixed-q2-results-plans-dividend-hike-93CH-3518254
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