Wells Fargo & Company (NYSE: WFC) on Friday reported lower revenues and net income for the fourth quarter of 2022. Earnings exceeded expectations, while revenues matched the Street view.
At $19.66 billion, fourth-quarter revenues were down 6% from the prior-year period. Net income more than halved to $2.86 billion or $0.67 per share from $5.75 billion or $1.38 per share in the fourth quarter of 2021.
“Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns. Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives,” said Wells Fargo’s CEO Charlie Scharf.
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