From Financial Modeling Prep: 2024-10-11 18:42:00

Wells Fargo (NYSE:WFC) beat analyst expectations in Q3, with adjusted EPS of $1.42 compared to the expected $1.28. Despite slightly missing revenue estimates at $20.37 billion, the stock rose over 5%.

Net income dropped to $5.1 billion from $5.8 billion, with total revenue down 2%. Expense and credit cost reductions helped offset the revenue decline.

Net interest income fell 11% to $11.69 billion, but noninterest income rose 12% to $8.68 billion. This balanced revenue growth over the first nine months.

Wells Fargo’s efficiency ratio held steady at 64%, while the Common Equity Tier 1 capital ratio improved to 11.3% from 11.0%. This reflects a strong capital position for the bank.



Read more at Financial Modeling Prep:: Wells Fargo Tops Q3 EPS Estimates Shares Surge 5%