Wells Fargo reported quarterly earnings of $1.01 a share on Friday, matching analysts' expectations.
Revenue was just shy of forecasts, however, at $22.16 billion, versus a Thomson Reuters consensus estimate of $22.17 billion.
In the quarter a year ago, the bank reported a profit of $1.03 a share on revenue of $21.318 billion.
"Wells Fargo's second quarter results demonstrated our ability to generate consistent performance during periods of economic, capital markets and interest rate uncertainty," Chairman and CEO John Stumpf said in a statement that accompanied the bank's earnings announcement. "Compared with a year ago, we had solid growth in loans, deposits and customers, which are our fundamental drivers of long-term value."
The bank reported higher credit losses of $924 million for the second quarter, compared with the previous quarter, in part driven by $59 million higher oil and gas portfolio losses. The bank also reported higher origination and applications in its home lending business, and a 10 percent year-over-year increase in credit card purchase volume to $19.4 billion in the second quarter.
Other parts of Wells Fargo's consumer business are on the rise as well. The bank reported that its auto originations were $8.3 billion in the second quarter, marking a 2 percent increase year over year.
The bank reported that total loans are up 1 percent, to $957.2 billion, from the end of the first quarter, in part driven by real estate mortgage loans and growth in consumer loans, among other factors.
Looking ahead, Wells Fargo CFO John Shrewsberry said the bank saw mortgage and refinancing activity pick up in the wake of last month's Brexit, which shook markets temporarily, and he said third quarter figures could outpace Wells' second quarter results.
Shares of Wells Fargo were down 2.3 percent Friday morning. The bank's miss comes as other Wall Street banks, including JPMorgan Chase and Citigroup, have so far reported second-quarter earnings that topped expectations.
One analyst who spoke on CNBC Friday morning said that despite good news, the market is watching what big banks have to say next in the lower-for-longer interest rate environment.
"We were expecting lower guidance down the road, and the banks have pretty much said steady as it goes," said Paul Miller, FBR Capital Markets head of financial institutions research. But so far the banks' earnings are little bit better than we expected and the guidance has been better than expected, but we have to sit there and see where rates go to really see where things trade throughout the year."
Correction: An earlier headline misspelled Wells.
