Shares of Wells Fargo & Co. WFC,
fell 2.5% in trading before trading on Friday, after the bank reported a fourth-quarter profit that exceeded expectations for the first time in six quarters, but revenue fell more than expected as lower interest rates weighed on net interest income. Net income rose to $ 2.992 billion, or 64 cents per share, from $ 2.878 billion, or 60 cents per share, in the same period a year ago. The FactSet consensus was that of earnings per share of 59 cents. Total revenue fell 9.7% to $ 17.93 billion, without the FactSet consensus of $ 18.12 billion, as all business segments of the bank decreased revenue. Net interest income fell 17% to $ 9.288 billion, below the $ 9.35 billion FactSet consensus. Revenue from consumer banking and lending fell 5% to $ 8.66 billion, as an 8% drop in consumer and small business bank revenue and a 7% drop in credit card revenue offset a 2% increase in home loans. “Although our financial performance improved and we earned $ 3 billion in the fourth quarter, our results continued to be affected by the unprecedented operating environment and the work required to leave behind our substantial legacy problems,” he said. say chief executive Charlie Scharf. Shares have risen 51.4% over the past three months to Thursday, while the XLF financial sector ETF XLF ETF,
has advanced 26.0% and the S&P 500 SPX,
has gained 9.0%.