Wells Fargo on Friday reported lower quarterly earnings than a year ago as a decision to build up reserves cut into profit.
Pedestrians pass a Wells Fargo bank branch in New York, U.S., on Thursday, Jan. 13, 2022.said Friday that it is still seeing historically low loan delinquencies, but a decision to build up reserves as the economy slows cut into its third-quarter profits.Here's how the bank did:Revenue: $19.51 billion, beating an estimate of $18.78 billion, according to Refinitiv
"Our solid business performance in the third quarter was significantly impacted by $ billion, or $ per share, in operating losses related to litigation, customer remediation, and regulatory matters primarily related to a variety of historical matters," Chief Executive Charlie Scharf said in a statement.
As the most mortgage-dependent of the six biggest U.S. banks, Wells Fargo has faced pressure as sales and refinancing activity has fallen steeply as the average rate for a 30-year mortgage has climbed to a 20-year high near 7%. Net interest income increased 36%, primarily due to the impact of higher interest rates and higher loan balances, the bank said.
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