Finance
Wells Fargo Net Interest Income Beats Estimates on Fed Hikes
- NII helps bank counter surge in provisions for souring loans
- Firm leaves full-year guidance for NII and expenses unchanged
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Wells Fargo & Co. reported higher-than-expected net interest income in the first quarter as the firm continued to reap the gains of the Federal Reserve’s rate hikes.
The firm had $13.3 billion in NII in the first three months of year, up 45% from a year earlier and more than the 42% jump analysts expected, Wells Fargo said in a statement. That helped counter a surge in provisions for souring loans, leaving profit to top analysts’ estimates.