Wells Fargo: 2Q26 EPS REVIEW: Reiterates 2026 NII expectations though NIM could slip further

研报英文原文证据摘录

Wells Fargo: 2Q26 EPS REVIEW: Reiterates 2026 NII expectations though NIM could slip further

Equity Research

U.S. Large-Cap Banks

14 July 2026

Wells Fargo

2Q26 EPS REVIEW: Reiterates 2026

NII expectations though NIM could Earnings Review

WFC OVERWEIGHTslip further

Unchanged

EPS beat as fees (led by equity investments), provision (NPA, U.S. Large-Cap Banks POSITIVE

NCO lower), NII (NIM down, in line with guidance with IBD Unchanged

+9bps), expenses and tax rate were all better than Price Target USDUnchanged108.00

expected. Looking out, it kept its 2026 NII and expense Price (14-Jul-26) USD 85.29

outlooks unchanged though NIM is expected to decline again Potential Upside/Downside +26.6% Source: Bloomberg, Barclays Research

in 3Q26.

Market Cap (USD mn) 261003

Shares Outstanding (mn) 3060.19

Free Float (%) 99.70

Executive Summary 52 Wk Avg Daily Volume (mn) 15.9

Bottom line: EPS exceeded consensus expectations as fee income (led by equity investments), Dividend Yield (%) 2.11

provision for credit losses (NPA -9bps, NCO -2bps), net interest income (NIM down, in line with Return on Equity TTM (%) 13.16

guidance with IBD +9bps), expenses and tax rate were all better than expected. Share Current BVPS (USD) 54.43

repurchase slowed from $4.0bn to $3.0bn. Looking out, it kept its 2026 net interest income Source: Bloomberg

($50bn w/ $2bn in Markets NII) and expense ($55.7bn) outlooks unchanged though pointed to

further net interest margin compression in 3Q26. In 2Q26, its NIM declined due to growth in its Price Performance Exchange-NYSE

Markets business and a higher mix of IBD as it grows deposits post asset cap removal. While it 52 Week range USD 97.76-72.78

expects a similar decline in 3Q26, it should flatten out into 4Q26. Looking further out, it