Wells Fargo, the second-largest bank in the US in terms of deposits, said today that its profits grew 30% in the second quarter compared to the same time last year.
The bank's net income was $3.73 billion, compared to $2.88 billion in the second quarter of 2010, the bank said in a quarterly earnings report. Earnings per share were 70 cents, just barely beating analysts' consensus expectations of 69 cents.
Weighed down by a sluggish economy, revenues were $20.39 billion, 5% less than the second quarter of 2010 but still a modest improvement from first-quarter 2011 revenues of $20.33 billion.
'Our business fundamentals were strong with increased revenues, loans and deposits, lower operating costs, improved credit quality and higher capital levels,' chairman and chief executive John Stumpf said.
'While the economic recovery continues to be slower than expected, there are signs that businesses are investing for growth, and we're here to help them,' he added.
San Francisco-based Wells Fargo emerged in relatively good shape from the 2008 financial crisis, gaining more than 2,000 new branches from its acquisition of troubled lender Wachovia.
