A NEW RECORD! (NYSE: WFC) Reports Hotpennystocks.co

Wells Fargo reported net income of $3.9 billion up 29% from the prior year quarter and diluted earnings of 70 cents a share. The company now trades under a 10 PE if the 70 cent earnings are given an average run-rate. Revenue was up $100 million from $20.3 billion in the prior quarter.

The company increased its tier 1 ratio to 9.2%. The company also repurchased $35 million shares in the second quarter.

Net charge-offs declined to $2.8 billion and nonperforming assets declined to $27.9 billion, down 2.6%. The company now has almost converted all Legacy Wachovia branches.

Chairman and CEO John Stumpf said “Our business fundamentals were strong with increased revenues, loans and deposits, lower operating costs, improved credit quality and higher capital levels.”