Benefits of Wells Fargo showed an increase of 20%

The US bank Wells Fargo accounted for a net profit of 6,206 million dollars in the second quarter of 2019, which is an increase of 20% over the same period last year, as reported by the entity on Tuesday.

The turnover of Wells Fargo between April and June remained stable at 21.584 billion dollars. Of this figure, net interest income fell by 4% to 12,095 million dollars, while those from commissions and brokerage rose by 5% to 9,489 million dollars.

With regard to expenses, the cost of salaries rose by 2% to $ 4,541 million, while non-salaried compensation contracted by 2% to $ 2,597 million.

Between April and June, Wells Fargo saw its tax expense reduced by 29% to reach 1,294 million dollars, which implies an effective tax rate of 17.3%.

“In the second quarter of 2019, we recorded strong earnings and continued progress in our priorities: focusing on our consumers, meeting regulators’ expectations and continuing the important transformation of our company,” said Acting CEO Allen Parker. .

Thus, in the first six months of the year, Wells Fargo obtained a net attributable profit of 12,066 million dollars, which implies an increase of 17%, while revenues decreased by 1% to 43,193 million dollars.

At the end of June 2019, Wells Fargo had a total of assets under management valued at 495,000 million dollars, practically the same figure as in the same period of the previous year.

K. Tovar

Source: Eleconomista