Wells Fargo, the fifth-largest U.S. bank, reported a better-than-expected profit Wednesday.
The bank's second-quarter profit fell 22 percent, to 1.75 billion U.S. dollars, or 53 cents per share, in the April to June period, down from 2.28 billion dollars, or 67 cents per share, in the same time last year.
Revenue soared 16 percent to a record 11.5 billion dollars, on strength in the bank's deposits, mortgage banking, credit card, and wealth management businesses.
Wells Fargo raised its dividend 10 percent and its shares jumped 24 percent to 25.42 dollars.
Source: Xinhua
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