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Wells Fargo sees decline in Q2'16 bottom line as NIM slides

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Wells Fargo sees decline in Q2'16 bottom line as NIM slides

on July 15reported second-quarter net income applicable to common stock of $5.17 billion,or $1.01 per share, on total revenue of $22.16 billion.

In comparison,the company reported net income applicable to common stock of $5.36 billion, or$1.03 per share, on totalrevenue of $21.32 billion, in the 2015 second quarter.

The S&PCapital IQ consensus estimate for normalized EPS for the 2016 second quarter was$1.01.

Noninterestexpense was $12.87 billion, compared to $12.47 billion in last year's quarter. Thecompany said that the efficiency ratio was 58.1% in the second quarter, comparedwith 58.7% in the prior quarter. Wells continues to expect to operate at the higherend of its targeted efficiency ratio range of 55% to 59% for full year 2016.

Meanwhile,net interest margin for the period was 2.86%, compared to 2.90% for the linked quarterand 2.97% a year ago.

Nonperformingassets for the quarter stood at $13.08 billion, or 1.37% of total loans, comparedto $13.51 billion, or 1.43%, at the end of the previous quarter, and $14.40 billion,or 1.62%, at the close of the year-earlier quarter.

Net loancharge-offs in the period totaled $924 million, or 0.39% of average loans (annualized),compared to $886 million, or 0.38%, in the preceding quarter, and $650 million,or 0.30%, in the year-ago quarter.