Wells Fargo reports first-quarter EPS of just 1 cent as it sets aside more money for credit losses [CNBC]
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Source: CNBC
Wells FargoThe banking giant reported a profit of just 1 cent per share while analysts polled by Refinitiv expected earnings of 33 cents per share. Wells reported earnings of $1.20 per share in the year-earlier period. Net income dropped 89% to $653 million for the quarter.Wells noted, however, its results suffered from a "reserve build and an impairment of securities" that resulted in a loss of 73 cents per share."Our results were impacted by a $3.1 billion reserve build, which reflected the expected impact these unprecedented times could have on our customers," CFO John Shrewsberry said in a statement.Net interest income at the bank fell to $11.31 billion in the quarter from about $12.3 billion in the year-earlier period. However, that was above a StreetAccount estimate of $10.91 billion. Credit card fees fell 6% year over year to $892 million.The company's stock gained 1.4% in the premarket.Wells Fargo's quarterly results were its first since the coronavirus outbreak paralyzed the
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