Wells Fargo WFC earnings Q1 2024 [Video]

Wells Fargo on Friday reported first-quarter earnings and revenue that beat Wall Street expectations, despite a decline in net interest income.

Here’s how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

• Earnings per share: $1.26 cents adjusted vs. $1.11 cents expected
• Revenue: $20.86 billion vs. $20.20 billion expected

Shares of Wells traded flat Friday following the earnings report.

Wells said its net interest income, a key measure of what a bank makes on lending, decreased 8% in the quarter, due to the impact of higher interest rates on funding costs and a shift by customers to higher-yielding deposit products.

Net interest income for 2024 is expected to post a decline in the 7% to 9% range, unchanged from its prior guidance.

The San Francisco-based bank saw net income decline to $4.62 billion, or $1.20 per share, from $4.99 billion, or $1.23 per share, …