RTTNews | Jul 14, 2021 08:30AM EDT

08:29 Wednesday, July 14, 2021 (RTTNews.com) - Wells Fargo & Co. (WFC) reported that its second-quarter net income was $6.04 billion or $1.38 per share compared to a loss of $3.85 billion or $1.01 per share in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the second-quarter. Analysts' estimates typically exclude special items.

Provision for credit losses decreased $10.8 billion as second quarter 2021 included a $1.6 billion decrease in the allowance for credit losses due to continued improvements in the economic environment, while second quarter 2020 included an $8.4 billion increase in the allowance for credit losses. Additionally, net charge-offs were down significantly from a year ago.

Chief Executive Officer Charlie Scharf said, "Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency, but the headwinds of low interest rates and tepid loan demand remained."

Total revenue for the quarter grew to $20.27 billion from $18.29 billion in the previous year. Analysts expected revenues of $17.75 billion for the quarter.

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