Wells Fargo & Company (WFC) said its second-quarter net income was up 26% year-on-year driven by net discrete tax expense of $481 million in the second quarter of previous year. The company grew period-end loans and deposits, as well as pre-tax pre-provision profit from prior year. Revenue was flat compared with last year, as lower net interest income was offset by higher gains from sales of Pick-a-Pay PCI loans and higher service charges on deposit accounts.
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