From CNBC: 2024-04-12 07:23:35

Wells Fargo shares fell after reporting a decline in first-quarter earnings due to an 8% decrease in net interest income. The company posted earnings per share of $1.26, beating analyst estimates of $1.11. Revenue came in at $20.86 billion, above the $20.20 billion estimate.

The bank’s net income dropped to $4.62 billion, with a provision for credit losses of $938 million. Despite the decline in earnings, Wells Fargo stock is up more than 15% year to date, outperforming the S&P 500’s 9% return.

CEO Charlie Scharf credited the bank’s progress in improving financial performance to investments made across the franchise. The increase in noninterest income offset the expected decline in net interest income, contributing to higher revenue in the first quarter. Wells Fargo emphasized its commitment to diversifying financial performance.

Read more: Wells Fargo WFC earnings Q1 2024