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SAN FRANCISCO – Wells Fargo & Co. announced that its fourth-quarter net income increased to $3.45 billion, up from $3.16 billion a year earlier. The San Francisco-based bank also reported adjusted earnings per share (EPS) of $1.29, beating EPS estimates. Despite the positive earnings report, the company's shares experienced a decline, falling 3.3% following the results announcement.
The quarter's financial results included several one-time items, including a Federal Deposit Insurance Corporation (FDIC) special assessment charge and indemnity costs, which were partially offset by a taxable gain. Looking ahead, Wells Fargo has signaled a cautious outlook, specifically mentioning the possibility of a reduction in net interest income over the next year.
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