Wells Fargo 3Q Net Interest Income Rises 5% Year Over Year
Wells Fargo reports a 5% year-over-year gain in third-quarter net interest income. Excluding Markets, net interest income rose 2%, driven by higher loan and investment securities balances and fixed-rate asset repricing, partly offset by lower interest rates on floating-rate assets.
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12:27:06 PM UTC
SquawkNews
Wells Fargo reported net income of $5.95bn, or $1.87 a share, up from $5.59bn or $1.66 a year earlier. However, revenues of $21.87bn missed consensus estimates of $22.31bn.Net interest income rose 5% to $12.52bn, helped by the removal of the Fed's long—standing asset cap, which has allowed Wells to…
Wells Fargo said net interest income increased 5% year over year in 3Q. Excluding Markets, the measure rose 2%, supported by higher loan and investment securities balances and fixed-rate asset repricing. These gains were partly offset by lower interest rates’ effect on floating-rate assets, as well a…