Wells Fargo: 27% decline in EPS for third quarter
(CercleFinance.com) - Wells Fargo, in its third quarter 2022 figures, publishes net profits of 3.53 billion dollars, i.e. EPS of 85 cents, down more than 27% compared to the corresponding period last year.
This deterioration in the Californian bank's accounts can chiefly be explained by their taking provisions for credit losses of 784 million dollars, compared with close to 1.4 billion last year.
Nonetheless, Wells Fargo's revenues are up 4% to almost 19 billion dollars, a 36% upturn in net interest income based on higher rates, which more than compensated a 25% slump in other types of revenue.
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