Wells Fargo & Co (WFC) Quote - XNYS | Morningstar

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Net Interest Income Outlook Improving, But Fees Coming In Light For Wells Fargo In First Quarter

Senior Equity Analyst Eric Compton

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA | Apr 14, 2022

Wide-moat Wells Fargo reported disappointing first-quarter earnings from our perspective. While the bank reported EPS of $0.88, beating the FactSet consensus of $0.81 and our own estimate of $0.79, the beat was solely driven by declines within the allowance for loan losses. Removing the effect of this, which is essentially a non-core item, and EPS would have been $0.67. Top-line revenue came in at $17.6 billion compared with consensus of $17.8 billion and our own estimate of $18.1 billion.

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Wells Fargo & Co's Company Profile

Business Description

Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. It is almost entirely focused on the U.S.

Contact

420 Montgomery Street
San Francisco, CA, 94104

T +1 866 249-3302

investorrelations@wellsfargo.com

www.wellsfargo.com

Sector Financial Services

Industry Banks - Diversified

Most Recent Earnings Mar 31, 2022

Fiscal Year End Dec 31, 2022

Stock Type Cyclical

Employees 246,577

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