The old adage, "As goes GM, so goes the nation," can apply to Wells Fargo, Raymond James analyst Anthony Polini told CNBC after the bank on Friday became the first of its peers to release earnings.
Wells Fargo reported second-quarter earnings that met expectations, while revenue beat Wall Street estimates.
"I think it's good news for the U.S. economy. Wells is always a good indicator. They have a national banking platform. Their CEO, John Stumpf, has been particularly bullish on the economy," Polini said Friday in a "Squawk Box" interview. "This is a very good indicator that the economy is on track for an improvement."
Polini also made the case that Wells Fargo profit was actually better than it appeared. "The more I look into the quarter, the more I like it. They had higher litigation expenses. If you add that back, it's 3 cents. They had a higher tax rate. If you add that back, it's another 4 or 5 cents. So actually on an operating basis, they did beat."
The big positive for the quarter was commercial loan growth, he pointed out. "It went up and it's double digit now. If you annualize it, it's well over 10 percent."