Wells Fargo Net Income Unchanged as Revenue Climbs Less Than 1%
- Lender's net interest margin slides 4 basis points to 2.92%
- Mortgage-banking revenue increases 9.6% to $1.66 billion
What to Expect for Fourth Quarter Bank Earnings
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Wells Fargo & Co., the world’s largest bank by market value, posted fourth-quarter profit that was unchanged from a year earlier as revenue increased less than 1 percent and lending margins missed some analysts expectations. The shares declined.
Net income was $5.71 billion, the San Francisco-based lender said Friday in a statement. That translated to an earnings per share of $1.03. The average estimate of 29 analysts surveyed by Bloomberg was for $1.02.