Grapevine

By Cnbc
Oct 11, 2024

Wells Fargo shares jump after earnings top Wall Street expectations

Here's what the bank reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

$1.52 vs. $1.28 expected Revenue: $20.37 billion versus $20.42 billion expected

Shares of the bank rose more than 4% in morning trading after the results. 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.

The San Francisco-based lender posted $11.69 billion in net interest income, marking an 11% decrease from the same quarter last year and less than the FactSet estimate of $11.9 billion. Wells said the decline was due to higher funding costs amid customer migration to higher-yielding deposit products.