SAN FRANCISCO (dpa-AFX) - Wells Fargo & Company (WFC) said it expects 2025 net interest income to be roughly in line with 2024 NII of $47.7 billion. The company noted that the largest driver of the change from its prior guidance is lower NII in its Markets business, largely offset by higher noninterest income. The company expects 2025 noninterest expense to be approximately $54.2 billion, unchanged from its prior guidance.
The company reported second quarter net income of $5.5 billion, or $1.60 per share, which included: $253 million, or $0.06 per share, gain associated with acquisition of the remaining interest in merchant services joint venture. Second quarter revenue was $20.8 billion, up 1%. Net interest income was $11.7 billion, down 2%. Net interest income declined from a year ago driven by the impact of lower interest rates on floating rate assets and the impact of deposit mix changes, partially offset by lower market funding and lower deposit costs. Noninterest income was $9.1 billion, up 4%.
Average loans were $916.7 billion, stable. Average deposits were $1.3 trillion, down 1% from previous year, driven by a reduction in higher cost CDs issued by Corporate Treasury.
Shares of Wells Fargo & Company are down 2% in pre-market trade on Tuesday.
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