Wells Fargo Lifts Annual Interest Income Forecast As Q3 Earnings Beat Street View
Portfolio Pulse from Vandana Singh
Wells Fargo & Company (NYSE:WFC) reported Q3 net interest of $13.1 billion, up 8% Y/Y, primarily due to the impact of higher interest rates. The bank's Q3 EPS reached $1.48, beating the consensus of $1.24 and $0.86 a year ago. Q3 revenues were $20.86 billion, up 21% Y/Y, above the consensus of $20.11 billion. The bank earned Q3 profits of $5.77 billion, up 61% from $3.59 billion a year earlier. For FY23, Wells Fargo expects net interest income to be ~16% higher than the FY22 level of $45.0 billion.
October 13, 2023 | 12:20 pm
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POSITIVE IMPACT
Wells Fargo's Q3 earnings beat expectations, with higher net interest income and revenues. The bank expects FY23 net interest income to be ~16% higher than FY22. This positive financial performance could boost investor confidence and potentially drive the stock price up in the short term.
Wells Fargo's Q3 earnings beat expectations, primarily due to the impact of higher interest rates. The bank's revenues and profits also increased significantly Y/Y. The bank's positive financial performance and its upward revision of the FY23 net interest income forecast could boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100