Wells Fargo & Co.'s first-quarter net income surged 48% from a year earlier to $3.8 billion as improved credit quality continued to help the bank.
The San Francisco company on Wednesday said it earned 67 cents per diluted share in the quarter ending March 31, up from 45 cents per diluted share a year earlier. The results slightly beat analysts' estimates of 66 cents per share.
However, revenue, which declined 5% year-over-year to $20.3 billion, missed average analysts' estimates of $21.2 billion, according to Thomson Reuters.
Net interest income fell 4% to $10.7 billion, while noninterest income fell 6% to $9.7 billion as revenue from deposit account service charges and mortgage banking declined.
"Our focus on expanding customer relationships was evident in this quarter's growth in core deposits, net checking accounts and many commercial loan portfolios," Chief Financial Officer Tim Sloan said in a press release. "While revenue declined from the prior quarter, our expense and risk management discipline helped product record results."
