Wells Fargo climbs premarket after strong Q2 earnings beat

Investing.com -- Shares in Wells Fargo climbed 1.5% in premarket trading Tuesday after the bank reported second-quarter earnings that comfortably beat analyst expectations, with strength across all of its operating segments.

The bank posted earnings per share of $2.00, well above the $1.72 analysts had forecast, on revenue of $22.62 billion versus a $21.87 billion consensus estimate.

Interest income rose about 5% from a year earlier, while Markets revenue surged roughly 24%. Corporate and Investment Banking revenue grew 16%, and Wealth and Investment Management rose 13%, with the company saying all operating segments delivered strong growth.

Total expenses rose just 2%, with non-revenue-related expenses down year-over-year, which Wells Fargo said drove positive operating leverage.

The bank said it plans to raise its third-quarter common stock dividend by 11% to $0.50 per share. It repurchased $3 billion of common stock during the quarter.

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