Compelo Banking - Latest industry news and analysis is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

Wells Fargo reports fall in Q1 earnings

Wells Fargo & Company, a provider of financial services, has reported a net income of $2 billion for first quarter of 2008, compared with net income of $2.24 billion in the same quarter of 2007.

For the quarter, revenue of the company was $10.6 billion, up $1.1 billion, or 12% compared with the revenue recorded in the comparable quarter of 2007.

Net interest income for the period increased $750 million, or 15%, compared with the net interest income earned during the corresponding period in 2007.

Howard Atkins, CFO of Wells Fargo & Company, said: Our first quarter results reflected a great combination of solid business growth, strong operating margins and further balance sheet strengthening.

We continued to have a good balance between loan and deposit spread revenue and fee-based revenue, reflecting record cross-sell in both our retail and wholesale businesses.