Wells Fargo's stock gains as third-quarter earnings top estimates by a wide margin

📆 13-10-2023 14:03:00
📰 MarketWatch

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Net interest income benefited from higher interest rates, while mortgage loans declined

Wells Fargo & Co.’s stock jumped 2% early Friday, after the bank swept past earnings estimates for the third quarter, buoyed by higher interest rates and trading revenue.

Average loans fell to $943.2 billion in the quarter from $945.5 billion a year ago. Average deposits fell to $1.340 billion from $1.408 billion. Revenue from home lending fell 14% to $840 million from $973 million a year ago, weighed down by lower originations and lower servicing income.

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