Wells Fargo posted quarterly earnings that met expectations Friday, while revenue exceeded Wall Street estimates.
The bank reported earnings of $1.01 a share, matching forecasts, on revenue of $21.07 billion. Analysts had expected Wells Fargo to deliver sales of $20.84 billion, according to a consensus estimate from Thomson Reuters. The company posted earnings of 98 cents a share in the same period a year ago.
This is the first quarter since 2009 that Wells Fargo did not increase its earnings-per-share from the preceding quarter, ending a 17-quarter streak.
Shares dipped in and out of negative territory following the report. (Click here to track shares)
“By continuing to serve customers we grew loans, increased deposits and deepened our relationships,” said Chairman and CEO John Stumpf in a press release. “Our results also reflected strong credit quality driven by an improved economy, especially the housing market, and our continued risk discipline. We are committed to both maintaining strong capital levels and returning more capital to our shareholders.”
Tune in: Wells Fargo CFO John Shrewsberry will be on CNBC’s Closing Bell at 3:10 pm ET Friday
Wells Fargo is the first big bank to report earnings this season. Banks have faced considerable headaches this year from increased regulation and settlement payments.