Among the details issued yesterday was that total client assets in the wealth side of the bank rose to $2.346 trillion at the end of June.

Wells Fargo yesterday announced a 2 per cent year-on-year dip in second-quarter net income to $480 million for its wealth management arm, with a rise in total revenue not quite offsetting a rise in costs and a small shift in provision for credit losses.

The California-headquartered bank said net interest income stood at $891 million in Q2, down from $906 million a year earlier; noninterest income rose to $3 billion from $2.952 billion, Wells Fargo said in a statement. The bank was among the first of the large US financial institutions to set out its quarterly figures – a period covering recent gyrations in global equity and bond markets.

Noninterest expenses rose to $3.245 billion from $3.193 billion – mainly caused by higher revenue-related compensation expense, the bank said. The cost rise was partly outweighed by lower operating losses and the effect of efficiency measures.

The wealth side of the bank logged a $12 million provision for credit losses, against a net release of $14 million a year earlier.

Total client assets rose to $2.346 trillion at the end of June, up from $2.2 trillion.

Group results
At a group-wide level, Wells Fargo said Q2 net income stood at $5.494 billion from $4.91 billion; diluted earnings per share rose to $1.6 from $1.33; provision for credit loss dipped to $1 billion from $1.236 billion. Total revenues rose to $20.82 billion from $20.7 billion. Wells Fargo’s Common Equity Tier 1 ratio stood at 11.1 per cent. Return on equity rose to 12.8 per cent from 11.5 per cent a year ago.

“Our efforts to increase fee-based income drove revenue growth and both net interest income and noninterest income grew from the first quarter,” Charlie Scharf, CEO, said.