Due to higher interest rates and rising loan balances, Wells Fargo exceeded marker expectations in the second quarter of 2023.
On Friday, Wells Fargo reported that it had earned $4.9 billion in the quarter, up 57 percent from a year ago.
In total, its revenue rose to $20.5 billion, up 20 percent from last year.
One of the nation’s largest mortgage lenders, Wells Fargo said that it would squirrel away most of the windfall earnings to help pay for future loan losses it might face later this year.
