Wells Fargo's Q2 profit declined, NII fell 9% to $11.92bn, missing analyst estimates due to higher deposit costs.

Wells Fargo's Q2 profit declined, and the bank missed analysts' estimates for interest income on higher deposit costs amid intense competition for customers' money. Net interest income (NII) fell 9% to $11.92bn, missing the $12.12bn expected on the Street, due to the impact of higher interest rates on funding costs. Despite higher-than-forecast results, Wells Fargo shares sank 5.6% in pre-market trading.