In the second quarter of 2024, Wells Fargo exceeded Wall Street expectations for earnings and revenue, reporting earnings per share of $1.33 compared to the expected $1.29 and revenue of $20.69 billion compared to $20.29 billion expected. However, the bank also saw a 9% decline in net interest income, totaling $11.92 billion, due to the impact of higher interest rates on funding costs. CEO Charlie Scharf attributed this decline to investments in fee-based revenue, which offset the expected decrease in interest income. Despite a drop in net income to $4.91 billion, Wells Fargo repurchased over $12 billion of common stock and plans to increase dividends in the third quarter by 14%. The stock is performing well, up more than 22% for the year, outperforming the S&P 500. Wells Fargo's strategic investments and market performance have contributed to its strong financial position and ongoing growth.