Despite Handing Out More Loans, Wells Fargo’s Profits Decrease

Subscribe To Our Newsletter

By clicking submit, I authorize New N Web Now and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in ourTerms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.

Loans

In the second quarter, Wells Fargo reported that its profits slid despite the fact that they’ve been giving out more loans than ever. Their overall net income decreased $1.01 per share, down to $5.6 billion from $5.7 billion.

Although Wells Fargo isn’t facing much flack from Brexit, it’s still dealing with the aftermath of being exposed to bad energy loans since the price of oil dropped.

Overall, Wells Fargo has seen a nine percent increase in loan growth, and it’s still leading the charge in the housing market. They also saw an increased amount of existing customers upgrade to other Wells Fargo cards.

Image via USA Today.