Wells Fargo on Friday surpassed Wall Street expectations in third-quarter earnings and revenue as the benefit from higher interest rates offset declining loan…
on Friday surpassed Wall Street expectations in third-quarter earnings and revenue as the benefit from higher interest rates offset slowing lending activity.Wells Fargo posted an earnings per share of $1.48 in the quarter, or $1.39 excluding discrete tax benefits. It was unclear what the exact comparable number was to Wall Street's expectations, but both figures are higher than the LSEG consensus EPS of $1.24.
Total revenue came to $20.9 billion during the quarter, beating the consensus estimate of $20.1 billion, according to LSEG. Revenue was 6.5% higher than the $19.6 billion recorded in the third quarter in 2022. "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," Wells CEO Charlie Scharf said in a statement.
"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," Scharf added. Wells Fargo said provision for credit losses in the quarter included a $333 million increase in the allowance for credit losses primarily for commercial real estate office loans.Treasury yields fall as investors weigh interest rate outlookIsrael-Hamas War
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