Wells Fargo & Company’s community banking segment has posted a net income of $3.36bn for the second quarter of 2015, a decrease of 2.12% compared to $3.43bn in the year ago quarter.
For the quarter ended 30 June 2015, the unit registered posted of $12.7bn, a marginal rise from $12.6bn a year earlier.
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The unit’s provision for credit losses increased to $363m from $279m a year ago as the $97m improvement in net charge-offs was more than offset by a $181m lower reserve release.
Overall, Wells Fargo group posted a net income of $5.71bn, a marginal decline from $5.73bn in the prior year quarter. Revenue increased 1.19%to $21.32bn.
Wells Fargo’s community banking segment provides diversified financial products and services for consumers and small businesses such as checking and savings accounts, credit and debit cards, and auto, student, and small business lending.
The division also provides investment, insurance as well as trust services in 39 states and D.C., as well as mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Lending business units.
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