Wells Fargo second-quarter net income declined by 23 percent, but still managed to beat earnings estimates and report growth in several business segments including insurance that saw double-digit growth.
As a whole, company net income dropped by $526 million to $1.75 billion compared with $2.8 billion for the period last year. Earnings per share decreased by 14 cents to 53 cents, exceeding analyst's expectations by 3 cents a share. Revenues rose $1.6 billion to $11.5 billion for the quarter.
In a recorded message, Howard Atkins, chief financial officer for San Francisco bank Wells Fargo, repeatedly used the term “growth” to describe the company's multiple financial platforms.
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