CHARLOTTE, N.C. — Wells Fargo & Co. reported record second-quarter profits Tuesday, citing higher revenue, more loans and lower expenses.
The San Francisco-based bank, which bought Charlotte’s Wachovia in 2008, said it earned $3.7 billion after paying dividends to preferred shareholders, or 70 cents per share. That’s up nearly 30 percent from the second quarter last year, when the bank made $2.9 billion for common shareholders, or 55 cents per share.
Wells Fargo’s revenue climbed to $20.4 billion from $20.3 billion the previous quarter, though it was down about 5 percent from the second quarter of 2010, in part because of lower income from mortgage fees.
Bank officials said the increased quarter-to-quarter revenue reflects the stability of loan balances and the overall strength of Wells Fargo’s sources of fee income.
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