Sector: Financials|Industry: Banks - Diversified|Market Cap: $238.39B|Employees: 226K
Wells Fargo & Company is a leading financial services company providing a diversified set of banking, investment, and mortgage products and services. They operate through banking locations, the internet, and other channels, serving individuals, businesses, and institutions across all 50 states, the District of Columbia, and countries outside the U.S. The company's primary revenue streams are from consumer and commercial banking, corporate and investment banking, and wealth and investment management.
Total revenue increased by 1% YoY to $20.86B, driven by higher noninterest income, but net income decreased by 7% YoY to $4.6B, primarily due to a $1.1B decrease in net interest income and a $662M increase in noninterest expense.
Diluted EPS was $1.20, down 2% YoY, but up 40% from the previous quarter. This reflects a decrease in profitability compared to the same period last year, even with a sequential improvement.
Net interest margin decreased to 2.81%, compared to 3.20% in the same period a year ago, driven by higher interest rates on interest-bearing deposits and long-term debt, as well as lower loan balances.