NU Online News Service, July 20, 10:40 a.m. EDT
Wells Fargo reported growth in its insurance segment with the help of crop insurance sales.
The San Francisco-based bank says insurance fees increased 13 percent for the second quarter.
Insurance income in the second quarter rose 4 percent, or $24 million, to $568 million.
For the first six months of this year, insurance fees have dropped 8 percent, or $94 million to $1.1 billion.
During a conference call yesterday, the company's Chief Financial Officer Timothy Sloan said insurance was one of a number of segments within the company that was up, contributing to record net income for the bank of $3.9 billion, or 70-cents a share, up from $3.1 billion, or 55-cents a share for the same period last year.
Wells Fargo's second-quarter revenues were down 5 percent, or $1 billion, to more than $20 billion compared to the same period last year. On a quarter-to-quarter basis, revenues increased slightly from $20.33 billion to $20.39 billion.
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