From Investing.com: 2024-04-12 06:55:01

Wells Fargo (WFC) beat analyst estimates with first-quarter revenue of $20.86 billion and EPS of $1.20. Stock dropped 2.5% in pre-open trade due to softer-than-expected net interest income (NII). Commercial banking revenue missed at $3.15 billion, but corporate and investment banking revenue exceeded expectations at $4.98 billion. Wealth & investment management revenue met expectations at $3.74 billion.

Net interest income was just below estimates at $12.23 billion, with an efficiency ratio of 69% and net interest margin of 2.81%. Total average deposits were as expected at $1.34 trillion. Common equity Tier 1 ratio was 11.2%, while ROE hit 12.3%, above the estimate of 10.9%. Non-interest expenses were higher than expected at $14.34 billion.



Read more at Investing.com: Wells Fargo drops as NII trails analyst estimates By Investing.com