Wells Fargo
Q2 2022 Earnings Call
Jul 15, 2022, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome, and thank you for joining the Wells Fargo second quarter 2022 earnings conference call. [Operator instructions] Please note that today's call is being recorded. I would now like to turn the call over to your host, John Campbell, director of investor relations. Sir, you may begin the conference.
John Campbell -- Director of Investor Relations
Good morning. Thank you for joining our call today where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss second quarter results and answer your questions. This call is being recorded. Before we get started, I would like to remind you that our second quarter earnings materials, including the release, financial supplement, and presentation deck, are available on our website at wellsfargo.com.
I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K filed today containing our earnings materials. Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can also be found in our SEC filings and the earnings materials available on our website. I will now turn the call over to Charlie.
Charlie Scharf -- Chief Executive Officer
Thanks very much, John. Good morning. I'll make some brief comments about our second quarter results, the operating environment and update you on our priorities. I'll then turn the call over to Mike to review second quarter results in more detail before we take your questions.
Let me start with some second quarter highlights. We earned $3.1 billion in the second quarter. Our results included a $576 million impairment of equity securities, predominantly in our venture capital business due to market conditions. Revenue declined as growth in net interest income driven by rising interest rates and higher loan balances was more than offset by lower noninterest income as market conditions negatively impacted our venture capital, mortgage banking, investment banking, and wealth management advisory businesses.
We continued to execute on our efficiency initiatives, and our expenses declined from a year ago even with inflationary pressures and higher operating losses. We had broad-based loan growth with both our consumer and commercial portfolios growing from the first quarter and a year ago. Credit performance remained strong. Our allowance reflected an increase due to loan growth.