Wells Fargo’s wealth, brokerage and retirement division has reported a net income of US$434 million for the second quarter of 2013, compared to US$343 million for the same period of 2012.
The division posted total revenue of US$3.3 billion for the second quarter of 2013, compared to US$2.9 billion for the corresponding period of 2012.
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Total client assets in the retail brokerage and wealth management business were up 8% from the prior year’s second quarter.
Wells Fargo ended the quarter with 15,268 financial advisers in its employee and independent adviser channels, 86 fewer than it started the quarter with. It had 15,170 advisers at the end of the second quarter in 2012.
Overall, Wells Fargo group has reported a net income of US$5.5 billion, or US$0.98 per diluted common share, for the second quarter of 2013, compared to US$4.6 billion, or US$0.82 per share, for same quarter of 2012. Revenue for the second quarter was US$21.4 billion, compared to US$21.3 billion for the same period of 2012.
John Stumpf, chairman and CEO of Wells Fargo, said: "Our results reflected the strength of our diversified business model. Compared with the prior quarter, we grew loans, deposits, and net interest income, and both our efficiency ratio and credit quality improved. Wells Fargo again demonstrated an ability to grow during a dynamic economic and interest rate environment, and we feel very well positioned to continue to perform for our shareholders over the long term."
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