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      Wells Fargo CEO Says Economy Remains Resilient, But Flags Oil Price Impact

      Wells Fargo & Company NYSE: WFC) on Tuesday reported first-quarter earnings that came in below Wall Street expectations, despite higher revenue and improved profitability metrics.

      The bank posted adjusted earnings of $1.56 per share, missing analysts' estimates of $1.58. Revenue totaled $21.45 billion, also below the $21.77 billion consensus, though it rose 6% from a year earlier, supported by gains in net interest and fee income.

      Return on equity improved to 12.2% from 11.5%, while return on tangible common equity increased to 14.5% from 13.6%.

      Net Interest And Fee Income Rise

      Net interest income increased 5% to $12.09 billion, driven by higher deposit balances, lower deposit costs and improved Markets performance. Growth was also supported by higher loan and securities balances and fixed-rate asset repricing, partly offset by lower interest rates on floating-rate assets.

      Noninterest income rose 8% to $9.35 billion, boosted by venture capital investments and ...

      Full story available on Benzinga.com


      Source: Benzinga
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