Wells Fargo’s (WFC.N), opens new tab second-quarter profit declined and the lender missed analysts’ estimates for interest income on higher deposit costs amid intense competition for customers’ money, sending its shares down more than 5% in premarket trading.
Net interest income (NII) — or the difference between what a bank earns on loans and pays out for deposits — slid 9% to $11.92 billion. Analysts on average had expected $12.12 billion, according to LSEG data.
Source: REUTER
