Wells Fargo & Co., the world’s most valuable bank, said profit increased 3.8 percent on lower credit costs even as the lender’s per-share earnings failed to top the preceding quarter’s for the first time since 2009.
Net income for the second quarter advanced to $5.73 billion, or $1.01 a share, from $5.52 billion, or 98 cents, a year earlier, the San Francisco-based lender said Friday in a statement. The average estimate of 31 analysts surveyed by Bloomberg was $1.01 a share excluding special items. Earnings per share fell from $1.05 in the three months ended March 31.
