Wells Fargo posted a profit of $3.67-billion, or 88 cents per share, for the three months ended March 31, compared with $4.64-billion, or $1.02 per share, a year earlier
first-quarter profit dropped 21 per cent but beat Wall Street expectations on Thursday as top boss Charlie Scharf plans to keep a tight rein on costs cushioned a drop in mortgage lending.
“Our internal indicators continue to point towards the strength of our customers’ financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth,” Chief Executive Charlie Scharf said.
Net interest income rose 5 per cent during the quarter helped by higher loan balances and a decrease in long-term debt, among others. Overall average loans grew to $898-billion in the past quarter, up from $873.4-billion a year earlier. Top executives at some of the big U.S. banks had said early in the first quarter that consumer have healthy cash balances in their banks and are eager to spend and borrow.
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