Wells Fargo (NYSE:WFC) shares increased over 3% intra-day today following its Q3 results that exceeded expectations. The bank reported a Q3 EPS of $1.48, surpassing the predicted $1.24, with revenues reaching $20.86 billion, compared to the anticipated $20.11 billion.
CEO Charlie Scharf mentioned the revenue growth resulted from higher net interest and noninterest income, driven by increased rates and business investments. He noted a resilient economy but acknowledged some economic slowdown effects, like diminishing loan balances. The reported net interest income was $13.11 billion, outdoing the forecasted $12.75 billion. The bank’s average loans were $943.2 billion, and total average deposits amounted to $1.34 trillion.