Quarterly profit of Wells Fargo exceeded forecasts

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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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