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Wells Fargo net profit in the first quarter increased by 5.4%

18.04.2018 08:14:18

The leader of the mortgage market and the second largest bank in the US, Wells Fargo, following the results of the first quarter, reported on the growth of net profit by 5.4% in annual terms to $5 billion 936 million. The bank's revenue decreased by 1.4% and amounted to 21 billion 934 million dollars. Analysts had expected the figure at the level of 21 billion 710 million dollars. Net interest margin remained at around 2.84%. The fewer working days in the first quarter affected net interest income of the bank, which in annual terms decreased by 1% to 12.2 billion dollars. The efficiency factor was 64.9% compared to 62% a year earlier.

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