Wells Fargo headquarters in San Francisco. (Photo: AP)

Wells Fargo (WFC) reported mixed second-quarter results results on Friday, with sales improving slightly but net income moving in the opposite direction.

Net income weakened 2% to $5.6 billion, or $1.01 a share, from $5.7 billion, or $1.03, a year earlier. Meanwhile, revenue increased 2% to $22.16 billion. These results met analysts’ estimates, according to Bloomberg.

“Wells Fargo’s second-quarter results demonstrated our ability to generate consistent performance during periods of economic, capital markets and interest rate uncertainty,” Chairman and CEO John Stumpf said in a statement that accompanied the bank’s earnings announcement. “Compared with a year ago, we had solid growth in loans, deposits and customers, which are our fundamental drivers of long-term value.”

With energy loans under pressure, the bank’s provisions for credit losses more than tripled to $1.07 billion from a year earlier. Net write-offs rose about 40% to $924 million, while net interest income (including the loan-loss provision) fell close to 3% to $10.7 billion.

Wealth Results

The Wealth and Investment Management unit, which includes Wells Fargo Advisors, had a slight decrease in total revenue, which was $3.92 billion in the second quarter vs. $3.98 billion a year ago The bank says this decline was related to lower asset-based fees and brokerage transaction revenue.

The unit’s net income was $584 million, down from $586 million in Q2’15.

Wells Fargo’s Wealth & Investment unit breaks out its assets by segment; the four segments for this unit are retail brokerage, wealth management, retirement and asset management.

Client assets in the retail brokerage business improved 2% to $1.5 trillion, while advisory assets grew 2% as well to $444 billion, “primarily driven by positive net flows,” according to the bank. “Strong loan growth, with average balances up 20% from [the] prior year largely due to continued growth in nonconforming mortgage loans and security-based lending.”

The wealth group’s assets were $224 billion as of June 1. Its average loan balances expanded 9% on higher mortgage and commercial loans, as well as security-based lending.

Earlier this week, Well Fargo announced that Mary Mack, head of Wells Fargo Advisors, will become head of community banking on July 31. She is set to replace Carrie Tolstedt, who will retire on Dec. 31.

The bank also says that Brand Meyer, head of the group’s independent brokerage group, including First Clearing and Wells Fargo Financial Network (or FiNet), will replace Mack on an interim basis until a permanent leader of WFA is named.