Wells Fargo’s Cost Cuts Boost Income as Revenue Slips
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Wells Fargo & Co., the largest U.S. home lender, said lower expenses helped the company post a record profit in the first quarter even as revenue dropped and lending margins narrowed.
Net income advanced 22 percent to a record $5.17 billion, or 92 cents a diluted share, from $4.25 billion, or 75 cents, a year earlier, according to a statement today from the San Francisco-based bank. While the results topped estimates from analysts surveyed by Bloomberg, new home loans and mortgage banking income weakened, and the shares slipped 2.3 percent in New York trading.