Wells Fargo tops profit estimates on interest income boost, trading boom

Wells Fargo reported a 17% jump in net income to $6.41 billion with EPS of $2.00, beating estimates of $1.72. Net interest income rose 5% to $12.32 billion, trading revenue surged 24% to $2.21 billion led by a 64% jump in equities trading, and investment banking fees climbed 35% to $939 million. Despite the beat, shares fell 1.9% in premarket trading as broader US banking stocks came under pressure.