Wells Fargo announced an 8% decrease in net interest income due to higher interest rates and customer migration to higher yielding deposit products. The company's revenue of $20.86 billion exceeded Wall Street expectations of $20.20 billion. Net income declined to $4.62 billion, or $1.20 per share, from $4.99 billion, or $1.23 per share, a year earlier.
Wells said its net interest income decreased 8% in the quarter, due to the impact of higher interest rates on funding costs, including the impact of customer migration to higher yielding deposit products.
Here's how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:Revenue: $20.86 billion vs. $20.20 billion expectedThe company saw net income decline to $4.62 billion, or $1.20 per share, from $4.99 billion, or $1.23 per share, a year earlier. Excluding a Federal Deposit Insurance Corporation charge of $284 million, or 6 cents per share, tied to the bank failures in 2023, Wells said it earned $1.
"Our solid first quarter results demonstrate the progress we continue to make to improve and diversify our financial performance," Wells CEO Charlie Scharf said in a statement. "The investments we are making across the franchise contributed to higher revenue versus the fourth quarter as an increase in noninterest income more than offset an expected decline in net interest income," Scharf added.Stock futures slide as earnings season kicks off, JPMorgan Chase falls
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