Wells Fargo & Co. (WFC) reported higher first-quarter net income applicable to common stock of $4.93 billion, or $0.92 per share, compared with $4.02 billion, or $0.75 per share, last year. On average, 33 analysts polled by Thomson Reuters expected earnings per share of $0.88 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly revenue totaled $21.3 billion in first quarter 2013, compared with $21.6 billion a year earlier. Analysts estimated revenues of $21.60 billion for the quarter. Net interest income in first quarter 2013 declined $144 million on a linked-quarter basis to $10.5 billion, largely due to two fewer days compared with fourth quarter 2012, the company noted.
Looking forward, the company projects second-quarter 2013 expenses to decline from first quarter 2013 and to remain within the target efficiency range.
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