{"id":348,"date":"2023-10-13T12:38:23","date_gmt":"2023-10-13T12:38:23","guid":{"rendered":"https:\/\/connectwithfund.com\/news\/wells-fargo-shares-rise-after-third-quarter-results-top-wall-street-expectations\/"},"modified":"2023-10-13T12:38:24","modified_gmt":"2023-10-13T12:38:24","slug":"wells-fargo-shares-rise-after-third-quarter-results-top-wall-street-expectations","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=348","title":{"rendered":"Wells Fargo shares rise after third-quarter results top Wall Street expectations"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Wells Fargo<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> on Friday surpassed Wall Street expectations in third-quarter earnings and revenue as the benefit from higher interest rates offset slowing lending activity.<\/p>\n<p>Shares of the bank rose 1.8% in premarket trading.<\/p>\n<p>Wells Fargo posted an earnings per share of $1.48 in the quarter, or $1.39 excluding discrete tax benefits. It was unclear what the exact comparable number was to Wall Street&#8217;s expectations, but both figures are higher than the LSEG consensus EPS of $1.24. The earnings are also significantly higher than the 86 cents per share earned in the same quarter a year ago.<\/p>\n<p>Total revenue came to $20.9 billion during the quarter, beating the consensus estimate of $20.1 billion, according to LSEG. Revenue was 6.5% higher than the $19.6 billion recorded in the third quarter in 2022.<\/p>\n<p>&#8220;Our revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses,&#8221; Wells CEO Charlie Scharf said in a statement.<\/p>\n<p>&#8220;While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly,&#8221; Scharf added.<\/p>\n<p>Net income rose to $5.77 billion in the three months ended Sept. 30 from $3.59 billion a year earlier, driven by an 8% increase in net interest income.<\/p>\n<p>Wells Fargo said provision for credit losses in the quarter included a $333 million increase in the allowance for credit losses for commercial real estate office loans and higher credit card loan balances.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/10\/13\/wells-fargo-wfc-q3-2023-earnings.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo on Friday surpassed Wall Street expectations in third-quarter earnings and revenue as the benefit from higher interest rates offset slowing lending activity. Shares of the bank rose 1.8% in premarket trading. Wells Fargo posted an earnings per share of $1.48 in the quarter, or $1.39 excluding discrete tax benefits. It was unclear what the exact comparable number was to Wall Street&#8217;s expectations, but both figures are higher than the LSEG consensus EPS of $1.24. The earnings are also significantly higher than the 86 cents per share earned in the same quarter a year ago. Total revenue came to<\/p>\n","protected":false},"author":1,"featured_media":349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wells Fargo shares rise after third-quarter results top Wall Street expectations | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Wells Fargo on Friday surpassed Wall Street expectations in third-quarter earnings and revenue as the benefit from higher interest rates offset slowing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=348\" \/>\n<meta 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