Wells Fargo Beats Bottom Line Even as Mortgage Activity Drops
The fourth-largest U.S. bank recorded net income of $5.6 billion over the March-ending quarter and EPS 14% higher year over year to $1.05. Analysts had expected EPS of 97 cents.
Wells Fargo managed to surpass analyst estimates for first-quarter profits even as the bank faced a challenging mortgage environment. The fourth-largest U.S. bank recorded net income of $5.6 billion over the March-ending quarter and EPS 14% higher year over year to $1.05. Analysts had expected EPS of 97 cents. Over the three-month period, Wells Fargo saw a decline in lending activity, with mortgage origination income down 28% to $36 billion. JPMorgan, also reporting Friday, saw similar trends.
