Wells Fargo earnings top estimates even as lower interest income cuts into profits
CNBC - 2024-04-12T11:12:53.000Z

Wells Fargo on Friday reported first-quarter earnings and revenue that beat Wall Street expectations, despite a decline in net interest income.

In related news

Wells Fargo profit shrinks more than 7% on lower interest income
The bank's net interest income (NII) -- the difference between what it earns on loans and pays out for deposits -- fell 8% to $12.23 billion. NII was hurt by higher interest rates on funding costs, including the impact of customers moving to higher yielding deposit products, as well as lower loan balances, the bank said. The shifting U.S. interest rate outlook is an important factor that will drive banks' future profits.
- Related Articles
- In News
- From Yahoo Finance
- 2024-04-12T12:14:57.000Z
Wells Fargo profit falls as customers cash in on higher interest rates
Profit at Wells Fargo fell as the bank reported a hefty fall in interest income reflecting the need to pay out more to attract depositors.
- Related Articles
- In News
- From @cityam
- 2024-04-12T12:16:29.000Z
Bank of America tops estimates on better-than-expected interest income, investment banking
Will Bank of America follow rivals in posting better-than-expected Wall Street revenue?
- Related Articles
- In News
- From CNBC
- 2024-04-16T10:15:01.000Z