Related topics

Wells Fargo 1Q profit rises 14 percent, tops estimates

April 12, 2019 GMT

SAN FRANCISCO (AP) — SAN FRANCISCO — Wells Fargo is reporting first-quarter profit of $5.86 billion, up from $5.14 billion a year ago.

The San Francisco-based bank said Friday it had earnings of $1.20 per share compared with 96 cents a year earlier.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The biggest U.S. mortgage lender posted revenue of $26.3 billion in the period. Its revenue net of interest expense was $21.61 billion, also beating Street forecasts. Five analysts surveyed by Zacks expected revenue of $20.89 billion.

ADVERTISEMENT

Wells Fargo shares have climbed nearly 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 15 percent. The stock has decreased 8 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC