Wells Fargo Q1 Profit $5.25 Billion, Net Interest Revenue Misses Estimates
Wells Fargo reported first-quarter profit of $5.25 billion and adjusted EPS of $1.56, below the $1.58 consensus estimate. Total revenues reached $31.8 billion, with net interest revenue of $21.45 billion missing analysts’ $21.73 billion forecast.
1. Q1 Financial Results
Wells Fargo posted net income of $5.25 billion for the first quarter, equating to GAAP EPS of $1.60 and adjusted EPS of $1.56. The adjusted figure fell short of the $1.58 per-share consensus among analysts.
2. Revenue Breakdown
Total revenues for the period were $31.8 billion. Net interest revenue amounted to $21.45 billion, below the $21.73 billion analysts had forecast, reflecting tighter margins and deposit mix pressures.
3. Investor Conference Call
The company will host a live conference call on April 14 at 10:00 a.m. Eastern time (passcode 8320644#) to discuss the results. A replay will be available through April 28 (passcode 5148#) via telephone and webcast.