Wells Fargo Q1 Profit Down, Revenues Rise; Stock Dips In Pre-market

(RTTNews) - Wells Fargo & Co. (WFC) reported Friday weak profit in its first quarter, despite higher revenues.

In pre-market activity on the NYSE, Wells Fargo shares were losing around 2.6 percent to trade at $55.23.

For the first quarter, net income was $4.62 billion or $1.20 per share, down from last year's $4.99 billion or $1.23 per share.

The latest results included $284 million, or $0.06 per share of additional expense for the estimated FDIC special assessment.

Total revenues were $20.86 billion, up from $20.73 billion a year ago.

Analysts on average expected the company to report earnings of $1 per share on revenues of $18.6 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net interest income fell to $12.23 billion from last year's $13.34 billion, while non-interest income increased 17%.

Provision for credit losses fell 8% to $938 million from prior year's $1.21 billion.

In the quarter, average loans as well as average deposits declined from last year to $928.1 billion and $1.34 trillion, respectively.

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