Wells Fargo Q3 revenue up 4% to $19.51B
Wells Fargo & Co. announced on Friday that its revenue in the third quarter of 2022 reached $19.51 billion, going above the market forecasts, and up by 4% than the same quarter in 2021. Diluted earnings per share (EPS) were down by 38% compared to the same time span the year before, landing at $0.85 per share.
"We have been focused on increasing our earnings capacity and see the positive impacts of rising interest rates driving strong net interest income growth and our continued focus on improving operating efficiencies resulting in lower expenses excluding the operating losses above," stated CEO Charlie Scharf. "We are closely monitoring risks related to the continued impact of high inflation and increasing interest rates, as well as the broader geopolitical risks, and while we do expect to see continued increases in delinquencies and ultimately credit losses, the timing remains unclear," he added.
Wells Fargo shares gained 2.17% in premarket trade after the report release.