Bank beats profit and revenue estimates in latest quarter
Wells Fargo & Co.’s stock jumped 2% early Friday, after the bank swept past earnings estimates for the third quarter.
The bank posted net income of $5.767 billion, or $1.48 a share, for the quarter, up from $3.592 billion, or 86 cents a share, in the year-earlier period.The FactSet consensus was for EPS of $1.24 and revenue of $20.086 billion. “Our revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses,” Chief Executive Charlie Scharf said in a statement.
“Expenses declined from a year ago due to lower operating losses. While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly,’ he added.
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