Wells Fargo Q2 profit rises 17%

(Sharecast News) - US bank Wells Fargo on Tuesday reported a 17% jump in second quarter profit, driven by growth in wealth management and volatile global markets. Net income rose to $6.41bn up from $5.49bn a year earlier while net interest income climbed 5% to $12.32bn.

Investment banking fees reached $939m, up 35% from last year. Wealth and investment management revenue grew 13% to $3.89bn.

"Concerns around affordability and inflation exist, but the labor market and wage growth remain strong. We know that such favorable conditions do not go on forever so we are being selective about how much and where to grow," said CEO Charlie Scharf.

Reporting by Frank Prenesti for Sharecast.com