Wells Fargo profit rises for the first time in seven quarters

Wells Fargo posted YoY growth in profit for the first time since 3Q 2015. The San Francisco-based bank, which is recovering from the fallout of its sham accounts scandal last year, reported a 5% growth in earnings for Q2 2017, while the revenue remained flat at $22.2 bln. NII grew 6%, helped partly by the Federal Reserve's interest rate hike for the second time this year in June. The bank's provision for credit losses fell 48% from a year ago primarily due to improvement in the oil and gas portfolio. Here's the visual of the earnings: http://ift.tt/2sYSOYr

Submitted July 14, 2017 at 08:39AM by DMartis
via http://ift.tt/2uhXAUK

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