Wells Fargo said its profit rose in the second quarter, in which a years-long restriction on growth at the bank was lifted by the Federal Reserve.

Wells Fargo reported a rise in profits for the second quarter as it allocated less for potential bad loans. Despite a setback in interest income expectations, the bank is poised for growth after the U.

A jump in fee income helped the San Francisco-based bank boost second-quarter earnings per share by 20% from a year ago. Total assets, which had been restricted to $1.95 trillion under a government penalty,