Wells Fargo & Company (WFC) on Thursday reported earnings that increased from last year particularly helped by a decrease in provision for loan losses. However, net interest income and non-interest income dropped from last year.
Net income was $5.122 billion or $1.17 per share in the third quarter, higher than $3.216 billion or $0.70 per share in the same quarter a year ago.
Revenue for the quarter declined to $18.834 billion from $19.316 billion last year on lower net interest income.
Net interest income decreased 5% to $8.909 billion in the third quarter from $9.379 billion a year ago, due to soft demand and higher prepayments.
Non interest income was $9.925 billion compared with $9.937 billion last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share on revenue of $18.35 billion for the quarter. Analysts' estimate typically exclude special items.
The company said provision for credit losses in the third quarter decreased about $1.7 billion from the previous year and reported an allowance of $1.395 billion, due to continued improvements in the economic environment, as well as a significant decrease in net charge-offs.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.