Wells Fargo sees income, revenue increase in April-June period

By Ovunc Kutlu

ISTANBUL (AA) - Wells Fargo reported a rise in both income and revenue for the April-June period of this year, according to its financial results statement released Friday.

The American multinational financial services company had a net income of $4.9 billion in the second quarter of this year, which was up 58% from $3.1 billion from the same period of last year.

Its total revenue increased by 20% to $20.5 billion from $17 billion year-on-year.

"The recent Federal Reserve stress test affirmed that Wells Fargo remains in a strong capital position, reflecting the value of our franchise and the benefits of our operating model," CEO Charlie Scharf said in the statement.

The Fed's stress, which assesses whether banks are sufficiently capitalized to absorb losses during stressful conditions, showed last month that a total of 23 large banks have sufficient capital to absorb more than $540 billion in losses.