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Wells Fargo Q1 Profit Drops

Wells Fargo & Co. (WFC) reported that its net income applicable to common stock for first quarter 2020 dropped to $42 million or $0.01 per share from $5.51 billion or $1.20 per share last year. The latest-quarter results included the impact of a reserve build of $3.1 billion or $0.56 per share, and an impairment of securities of $950 million or $0.17 per share, driven by economic and market conditions.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the first-quarter. Analysts' estimates typically exclude special items.

Revenue was $17.7 billion, down from $21.6 billion in the prior year. Analysts expected revenues of $19.35 billion.

Net interest income was $11.3 billion, down $999 million from last year. Non-interest income was $6.4 billion, down $2.9 billion from the previous year.

Non-interest income in the first quarter was $6.4 billion, down $2.3 billion from fourth quarter 2019. First quarter non-interest income included lower market sensitive revenue4, mortgage banking income, and card fees.

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