U.S. bank Wells Fargo (WFC) has reported mixed financial results for this year’s third quarter.
The lender announced earnings per share (EPS) of $1.42 U.S., which topped the $1.28 U.S. that was forecast on Wall Street.
However, revenue in the quarter totaled $20.37 billion U.S., which fell short of the consensus expectation of $20.42 billion U.S.
The San Francisco-based bank blamed the mixed results on a decline in the net interest income it earned on loans during Q3 of this year.
Wells Fargo earned $11.69 billion U.S. of net interest income during the quarter, which was down 11% from the same quarter of 2023.
The lender said the decline was due to higher funding costs and customer migration to higher yielding deposit products.
Wells Fargo also set aside $1.07 billion U.S. to cover potentially bad loans during Q3 and repurchased $3.50 billion U.S. of common stock.
Through nine months of this year, Wells Fargo bought back $15 billion U.S. worth of its own stock, a 60% increase from 2023.
Wells Fargo’s share price has risen 46% over the last 12 months and currently trades at $57.75 U.S. per share.