Wells Fargo Q1 financial results are out.
Earnings came in at $0.92 per share, which was much stronger than the $0.89 expected.
However, the bank’s net interest margin, which is the money it makes on deposits, was 3.48%. Analysts were looking for 3.53%.
Banks have struggled to keep their net interest margins wide in this low interest rate environment.
“Wells Fargo delivered outstanding first quarter 2013 results for our shareholders,” said CEO John Stumpf. “Quarterly earnings and EPS increased at double-digit rates compared with first quarter 2012, while loans and deposits demonstrated continued growth in a challenging economic environment. In addition, expenses continued to decline as we improved efficiency across the franchise, and returns on assets and equity increased and remained among the highest in our industry.”