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Wells Fargo stock drops after profit halved but topped expectations, while revenue missed

Clyde Edgerton by Clyde Edgerton
January 13, 2023
in Markets
Wells Fargo stock drops after profit halved but topped expectations, while revenue missed
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Shares of Wells Fargo & Co.
WFC,
+3.25%
slumped 2.6% in premarket trading Friday, after the bank reported fourth-quarter profit that was more than halved but topped expectations, while revenue fell short. Net income fell to $2.59 billion, or 67 cents a share, from $5.47 billion, or $1.38 a share, in the year-ago period. That beat above the FactSet consensus for earnings per share of 60 cents. Total revenue declined 5.7% to $19.66 billion, below the FactSet consensus of $19.99 billion, while net interest income climbed 45.0% to $13.43 billion to top expectations of $12.97 billion. The bank, which said earlier this week that it was shrinking its home-mortgage business and exiting the correspondent business, said consumer banking and lending loans increased 4% and commercial banking loans climbed 18%. Provision for credit losses was $957 million. The stock has tacked on 1.1% over the past three months through Thursday, while the SPDR Financial Select Sector ETF
WFC,
+3.25%
has rallied 13.7% and the S&P 500
SPX,
+0.40%
has advanced 8.5%.



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Clyde Edgerton

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