Wells Fargo & Company Q1 Net Income Declines

Wells Fargo & Company (WFC) said its results in the first quarter reflected the continued economic recovery and the progress it has made on strategic priorities. Credit quality remained strong and results included a $1.1 billion or $0.21 per share pre-tax reduction in the allowance for credit losses.

First quarter net income was $3.67 billion or $0.88 per share, compared to $4.64 billion or $1.02 per share, prior year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts' estimates typically exclude special items.

Total revenue declined to $17.59 billion from $18.53 billion, last year. Analysts on average had estimated $17.80 billion in revenue. Net interest income increased 5% from prior year. Noninterest income decreased 14% year-on-year.

Shares of Wells Fargo & Company were down 2% in pre-market trade on Thursday.

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