Wells Fargo reported Q2/17 net income of $5.8 billion was up 5% from $5.6 billion for the same quarter in 2016. Total revenue of $22.2 billion was essentially flat compared to Q2/16.

The following highlights were excerpted from the news release:

• Provision expense of $555 million was down $519 million from $1,074 million or 48% compared to the same quarter in 2016.
• Commercial & Industrial (U.S.) average balances in H1/17 of $273.9 billion were up 3.63% from $264.3 billion in H1/16. Interest income of $4,957 million compared to $4,505 million a year earlier. C&I yields in H1/17 were 3.65% compared to 3.42% in H1/16.
• Lease financing average balances of $19.06 billion in H1/17 were up 12.1% from $17.0 billion during the same six-month period in 2016. Interest income of $465 million was up 10.7% from $420 million a year earlier. The average yield of 4.88% compared to an average yield of 4.95% in H1/16.

CEO Tim Sloan said, “Second quarter 2017 results demonstrated the benefit of our diversified business model as we continued to generate strong financial results, invest for the future, and adhere to our prudent risk discipline. We remain committed to reducing expenses and improving the efficiency of our company, and we are very focused on our recently announced goals. As we work to improve our efficiency, we will also continue to innovate for the future. We recently advanced a number of important customer-focused initiatives, such as the launch of the Zelle SM person-to-person payment platform to our 28 million digital customers.”