A Wells Fargo Bank branch can be seen in New York City on March 17, 2020.
Jeenah Moon | Reuters
Wells Fargo shares fell on Friday after the bank had reported a lower than expected three-month turnover and a decrease in the net interest income.
This is what the bank posted for the first quarter compared to what Wall Street expected, based on a study among analysts by LSEG:
- Custom profit per share: $ 1.33 adapted, versus $ 1.24 expected
- Gain: $ 20.15 billion, versus $ 20.75 billion expected
Shares of Wells Fargo fell 1% after the results on Friday.
In the three -month period that ended in March. 31, Wells Fargo’s Net income of $ 4.89 billion marked a profit of 6% of $ 4.62 billion. Turnover fell by 3% of $ 20.86 billion in the same quarter last year. The modified EPS has excluded a profit of 6 cents from a previously announced sale of a third -party service segment, and the discreet tax benefits and loss of debt protection loss includes.
Net interest income, an important measure for what a bank provides loans, fell 6% to $ 11.50 billion year after year. Not -Interest -Income, including investment bank costs, brokerage committees and consultancy costs, rose 1% to $ 8.65 billion compared to the $ 8.64 billion of last year.
CEO Charlie Scharf emphasized the uncertainty in the economy caused by the actions of the Trump government to reorient world trade, calling for a timely solution.
“We support the willingness of the administration to look at barriers to fair trade for the United States, although there are certainly risks associated with such important actions,” Scharf said in a statement. “Timely resolution that benefits the US would be good for companies, consumers and markets. We expect continuous volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will depend on the results and timing of policy changes.”
Wells Fargo bought 44.5 million of his own shares, worth $ 3.5 billion, in the first quarter.
The lender established in San Francisco has reserved $ 932 million as a provision for credit losses, including a decrease in reimbursement for credit losses.
Correction: Well Fargo’s Non -Interest income was $ 8.64 billion in the year earlier. An earlier version has incorrectly given up the figure.