(Bloomberg) -- Wells Fargo & Co. beat analysts’ expectations for net interest income in the third quarter and again raised its full-year guidance as the bank...
-- Wells Fargo & Co. beat analysts’ expectations for net interest income in the third quarter and again raised its full-year guidance as the bank continues to benefit from higher interest rates.The San Francisco-based bank earned $13.1 billion in NII — revenue collected from loan payments minus what depositors are paid — in the three months through September, up 8.3% from a year earlier, according to a statement Friday. That topped the $12.
“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,” Chief Executive Officer Charlie Scharf said in the statement. “In addition to making progress on our risk and control work, which is our top priority, we also continued to take steps to advance our business strategy.”
The results offer an early look at how US consumers and businesses are faring in a higher-for-longer interest-rate environment. JPMorgan Chase & Co. and Citigroup Inc. are also reporting third-quarter results Friday, with Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley set to follow next week.Wells Fargo reported a $1.
Wells Fargo is still under a Federal Reserve-imposed asset cap limiting its size to its end-of-2017 level. Period-end assets totaled $1.89 trillion, slightly higher than a year earlier.US futures steady as big banks kick off earnings season: Stock market news todaySAN FRANCISCO, October 13, 2023--Wells Fargo & Company has released its third quarter 2023 financial results. The financial results are available online at https://www.wellsfargo.
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