Quarterly profit of Wells Fargo exceeded forecasts


Wells Fargo, the second largest US bank, reported on the results of the first quarter of 2019. During the earnings period, the bank recorded a net profit of $5 billion 860 million, which is 14% more than in the same period a year earlier. Earnings per share amounted to 1 dollar 20 cents, while experts had predicted 1 dollar 11 cents per share. Revenues decreased over the year by 1%, reaching $21 billion 610 million, and also exceeding economists’ forecast of $20 billion 900 million. The bank recorded a net interest income of $12 billion 300 million, its rate increased by 1% over the year. At the same time non-interest income showed a slight decrease to 9 billion 300 million dollars. During this period, the bank reduced the volume of deposits in its accounts by 3% to 1 trillion 260 billion dollars, while the volume of loans issued remained virtually unchanged, amounting to 950 billion 100 million dollars.

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