Wells Fargo just reported first-quarter earnings that beat expectations.
The firm reported diluted earnings per share of $0.99 on revenue of $22.2 billion.
Analysts were expecting adjusted earnings per share of $0.97 on revenue of $21.61 billion, according to Bloomberg.
“Wells Fargo’s first quarter results reflected the benefit of our diversified business model as we managed challenges presented by a volatile operating environment for our industry,” said CEO John Stumpf in a statement.
“We again generated solid growth in the fundamental drivers of long-term value creation: loans, deposits and capital.”
Notably, the firm increased its provision for credit losses to $1.09 billion from $608 million a year earlier. It said its oil and gas portfolio remains under significant stress due to low prices and excess leverage in the industry.
Net interest income was hurt by a $1.2 billion settlement the bank paid related to its mortgage-lending practices between 2001 and 2008.
In the same quarter last year, Wells Fargo reported diluted earnings per share of $1.04 on revenue of $21.3 billion.
Last quarter, Wells Fargo reported diluted earnings per share of $1.03 (versus $1.02 expected) on revenue of $21.6 billion ($21.84 billion expected).
The first quarter is typically the strongest for investment banks, but analysts are expecting an unusually weak Q1 earnings season on Wall Street this year.
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