Wells Fargo Non-GAAP EPS of $1.54 beats by $0.14, revenue of $20.82B in-line

Wells Fargo press release (NYSE:WFC): Q2 Non-GAAP EPS of $1.54 beats by $0.14.
Revenue of $20.82B (+0.6% Y/Y) in-line.
Net interest income decreased 2%, driven by the impact of lower interest rates on floating rate assets and deposit mix changes, partially offset by lower market funding and lower deposit pricing
Noninterest income increased 4%, and included the gain associated with our merchant services joint venture acquisition, an increase in asset-based fees in Wealth and Investment Management on higher market valuations, and higher investment banking fees, partially offset by lower net gains from trading in our Markets business
Noninterest expense increased 1%, driven by higher revenue-related compensation expense predominantly in Wealth and Investment Management and higher technology and equipment expense, partially offset by lower operating losses, lower salaries expense reflecting the impact of efficiency initiatives, and a decrease in Federal Deposit Insurance Corporation (FDIC) assessment expense
Provision for credit losses in second quarter 2025 included a slight increase in the allowance for credit losses, reflecting a higher allowance for credit card loans on higher loan balances, partially offset by a lower allowance for commercial real estate loans on lower loan balances

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