Wells Fargo first-quarter earnings fell to $3.67 billion, or 88 cents a share, from $4.64 billion, or $1.02 a share, in the year-ago quarter. However, the figure was higher than the 81 cents expected by analysts.
Revenue fell to $17.59 billion from $18.53 billion in the year-ago quarter, missing the expectations of $17.78 billion (according to FactSet).
Average loans were $898 billion, were up +3% year-over-year, and about +3% quarter-over-quarter.
Mortgage banking income of the bank came in at $693 million in the first quarter, - $1.3 billion lower from a year ago. Analysts polled by StreetAccount expected $880 million in mortgage banking income.