NEW YORK (Standard&Poor's) July 12, 2013--Standard&Poor's Ratings Services today said its ratings on Wells Fargo&Co. (WFC) are unaffected by the company's strong second-quarter results, which were broadly in line with our expectations. The second-quarter trends of further significant asset quality improvement, capital retention, and continued strong and diversified revenue streams support our ratings on WFC. The company posted $5.5 billion in net income (a substantial 1.55% return on average assets), up 7% from the first quarter. Relative to the first quarter, earnings benefited from higher revenue, a decline in the loan loss provision, and a further reduction in operating expenses, partly from seasonally lower employee benefit costs. The provision for credit losses dropped to
