Wells Fargo’s second-quarter profit fell 22 percent as more customers at the nation’s fifth-largest bank failed to pay back their loans. But it raised its dividend to 34 cents from 31 cents — at a time when many other financial institutions are slashing theirs to preserve capital.

Wells Fargo & Co. earned US$1.75 billion, or 53 cents per share, in the April to June period, down from US$2.28 billion, or 67 cents per share, in the same timeframe last year.

Analysts polled by Thomson Financial had predicted, on average, a profit of 50 cents per share on revenue of US$10.65 billion.

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