Wells Fargo on Friday reported third-quarter earnings that exceeded Wall Street expectations, causing its shares to rise.
The better-than-expected earnings came even with a sizeable decline in net interest income, a key measure of what a bank makes on lending.
"Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds."
Wells saw net income fall to $5.11 billion, or $1.42 per share, in the third quarter, from $5.77 billion, or $1.48 per share, during the same quarter a year ago.
The net income includes $447 million, or 10 cents a share, in losses on debt securities, the company said.
Persons:
Wells, Charles Scharf
Organizations:
LSEG
Locations:
Wells Fargo, San Francisco