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Wells Fargo Q1 Profit Soars Seven-fold, Results Top Estimates - Quick Facts

Wells Fargo & Co. (WFC) on Tuesday reported net income applicable to common stock of $4.74 billion or $1.05 per share for the first quarter, sharply higher than $653 million or $0.01 per share in the year-ago quarter.

Revenue for the quarter increased 2 percent to $18.06 billion from $17.72 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share on revenues of $17.50 billion for the quarter. Analysts' estimates typically exclude special items.

Net interest income was $8.80 billion, down 22 percent from $11.31 billion in the same period last year, primarily due to the impact of lower interest rates. Non-interest income was $9.27 billion, up 45 percent from $6.41 billion a year ago.

Provision for credit losses decreased $5.1 billion, due to continued improvements in the economic environment and lower net charge-offs.

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