The Wealth, Brokerage and Retirement (WBR) division of Wells Fargo has reported a net income of US$544 million for the second quarter of 2014, a rise of nearly 25% compared to US$434 million a year ago.
For the quarter ended 30 June 2014, revenue increased US$289 million, or 9% from a year ago as strong growth in both asset-based fees and net interest income along with higher gains on deferred compensation plan investments, were partially offset by a decrease in brokerage transaction revenue.
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The division’s noninterest expense increased US$153 million, or 6%, from a year ago due to higher deferred compensation plan expense, increased broker commissions, and higher other expenses.
The provision for credit losses decreased US$44 million from a year ago primarily due to decreased net charge-offs, the company said in a statement.
Overall, the banking group posted a net income of US$5.7 billion for the quarter, up from US$5.5 billion in the year-ago period.
Meanwhile, its total revenue in the second quarter was US$21.1 billion, down 1% from the same period of last year.
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By GlobalData
