SAN FRANCISCO — Wells Fargo & Co. today reported second-quarter net income of $6.04 billion, after reporting a loss in the same period a year earlier.
The San Francisco-based bank said it had earnings of $1.38 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The biggest U.S. mortgage lender posted revenue of $21.16 billion in the period. Its revenue net of interest expense was $20.27 billion, which also topped Street forecasts. Four analysts surveyed by Zacks expected $17.78 billion.
Wells Fargo shares have risen 43% since the beginning of the year, while the S&P’s 500 index has increased 16%. The stock has climbed 70% in the past 12 months.