A Wells Fargo customer uses the ATM at a branch in San Bruno, California, on Aug. 8, 2023.
Justin Sullivan | Getty Images
Wells Fargo on Friday surpassed Wall Street expectations for third-quarter earnings and revenue as the benefit from higher interest rates offset slowing lending activity.
Shares of the bank rose 3.1% following the report.
Wells Fargo posted earnings per share of $1.48 in the quarter, or $1.39 excluding discrete tax benefits. It was unclear what the exact comparable number was to Wall Street’s expectations, but both figures are higher than the LSEG consensus EPS of $1.24. The earnings are also significantly higher than the 86 cents per share earned in the same quarter a year ago.
Total revenue came to $20.9 billion during the quarter, beating the consensus estimate of $20.1 billion, according to LSEG, formerly known as Refinitiv. Revenue was 6.5% higher than the $19.6 billion recorded in the third quarter of 2022.
“Our revenue growth from a year ago included both…
2023-10-13 15:02:21
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