Wells Fargo's Q1 profit fell 7% due to higher deposit costs and lower loan demand, with NII down 8% to $12.23bn.
Wells Fargo's profit fell by 7% in Q1 due to increased costs for customer deposits and decreased demand for loans. Net Interest Income (NII) declined 8% to $12.23bn, primarily due to higher funding costs and customers moving to higher-yielding deposit products. Despite the dip in profits, the bank's adjusted profit of $1.26 per share surpassed analysts' expectations of $1.11, helped by a 5% revenue growth in its banking unit.
April 12, 2024
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