The lender posted a net income of $5.6bn for the April-June quarter compared to $5.7bn in the same quarter a year earlier.
However, its revenue went up by 4% to $22.2bn in the quarter against $21.3bn in the year-ago quarter.
Wells Fargo chief financial officer John Shrewsberry said: “Second quarter results benefited from our diversified business model, as demonstrated by higher linked-quarter net interest income, growth in many of our fee-based businesses and positive operating leverage.
“Second quarter purchases were made at interest rate levels above those available late in the quarter, after the 'Brexit' vote. We continue to have capacity for additional deployment of liquidity, but will remain disciplined in our investment approach.
“Capital remained strong with a net payout ratio 4 of 62 percent in the quarter, as we returned $3.2 billion to shareholders through common stock dividends and net share repurchases."
The bank’s net interest income increased $66m to $11.7bn in the June quarter, mainly driven by loan growth, including the full quarter benefit of the assets acquired from GE Capital that closed late in the first quarter.
But its non-interest income fell was $10.4bn, down from $10.5bn in the March quarter of this year.
Led by higher investment banking fees, it trust and investment fees was up $162m to $3.5bn.
Its total loans stood at $957.2bn at the end of the quarter compared to $888.4bn in the same quarter in 2015.
Wells Fargo chief risk officer Mike Loughlin said: “The loan portfolio continued to perform well, led by further improvement in consumer real estate. Oil and gas portfolio performance during the quarter was generally consistent with our expectations.”
