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“Wells Fargo shares tumble after net interest income falls short of estimates” [Jul 12 2024]

“…

  • In the second quarter, Wells Fargo recorded $11.92 billion in net interest income, a key measure of what a bank makes on lending, marking a 9% year-over-year decline.
  • That was below the $12.12 billion expected by analysts, according to FactSet. The bank said the drop was due to the impact of higher interest rates on funding costs.
  • Wells Fargo’s second-quarter earnings and revenue exceeded Wall Street expectations.

…”

https://www.cnbc.com/2024/07/12/wells-fargo-wfc-q2-2024-earnings.html

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