finance.yahoo.com

Cramer Criticizes Wells Fargo Valuation Despite Strong Q2 Earnings

Wells Fargo logoWells Fargo
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Cramer said Wells Fargo’s multiple hasn’t improved as expected despite recent performance. Loan growth rose 12% annually to $1 trillion, investment banking fees jumped 35% to $939 million, and Markets revenue grew 24% to $2.2 billion after asset cap removal. Net interest income increased just 2% due to deposit betas and yield curve shifts, but net income still climbed to $21 billion from $14.9 billion.

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