Overall, Wells Fargo's wealth, brokerage and retirement businesses reported second-quarter earnings of $434 million, up 29% from the first quarter. Total revenue rose 2% to $3.3 billion, the company said.

The rising investment banking and wealth management revenue helped Wells Fargo to significantly beat expectations and grow its earnings for a fourteenth straight quarter.

The San Francisco-based lender reported better-than-expected earnings of $5.5 billion, on revenue of $21.4 billion, beating estimates of $5 billion and $21.2 billion respectively.

First-quarter earnings of 98 cents a share surpassed the consensus estimate of 93 cents, according to analyst forecasts compiled by Bloomberg.

Consensus was that the lender could see a slight sequential drop-off in earnings for the first time since the worst of the financial crisis, as a 2012 mortgage refinancing boom petered out and interest rates surged at the end of the quarter.

"Wells Fargo achieved outstanding results for the second quarter, with our diluted EPS growing for the 14th consecutive quarter and our returns on assets and equity increasing from second quarter 2012 and first quarter 2013," CEO John Stumpf said in a press release.

RELATED STORIES:

JPMorgan, Wells Fargo Shuffle Riskiest $38 Billion Amid Bond Boom


Buffett Buyback Math Key to Post Stress Test Bank Earnings

-- Written by Antoine Gara in New York

-- Written by Antoine Gara in New York

If you liked this article you might like

How to Get Rich Using Warren Buffett's Favorite Stock Market Indicators

How to Make Your Life Successful Just Like Billionaire Warren Buffett

With the Fed, It's Different This Time

How to Live Just Like Billionaire Warren Buffett

Why Hurricanes Won't Force the Fed to Ditch a December Rate Hike