[ad_1]
Wells Fargo & Company (NYSE: WFC ) on Friday reported lower revenue and net income for the fourth quarter of 2022. Earnings beat expectations, while profits were in line with the Street’s view.
At $19.66 billion, fourth-quarter revenue was down 6% from the year-ago period. Net income more than halved to $2.86 billion or $0.67 per share from $5.75 billion or $1.38 per share in the fourth quarter of 2021.
“Although the quarter was significantly affected by the previously disclosed operating losses, our fundamental performance reflects the progress made to increase returns. Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remains strong, and we continue to make progress on our efficiency initiatives,” said Wells Fargo CEO Charlie Scharf.
Previous Performance
[ad_2]
Source link