Wells Fargo (WFC) reported better-than-expected quarterly earnings, though CEO Charlie Scharf said the bank is bracing for a slower economy this year amid worries President Donald Trump's tariffs could weigh on growth.

The lender reported 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.39 for the quarter, up from $1.20 per share a year ago and above consensus estimates from Visible Alpha. Revenue trailed estimates at $20.15 billion, versus $20.86 billion a year ago.

澳洲幸运5官方开奖结果体彩网:Net interest income (NII), a key measure of lending profitability, fell to $11.50 billion from $12.23 billion in the first quarter of 2024—below the $11.82 billion analysts anticipated. Wells Fargo blamed 💝the year-over-year decline on lower interest rates, "partially offset by lower deposit pricing and higher deposit balances."

CEO Scharf said the bank expects "continued volatility and uncertainty," and is "prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes."

"We support the administration’s willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions," Scharf said. "Timely resolution which benefits the U.S. would be good for businesses, consumers, and the markets."

Wells Fargo shares dropped about 2% in early 🌌trading Friday and have lost about 12% of thei💧r value since the start of the year.

UPDATE—April 11, 2025: This article has been updated since it was first published to reflect more recent share price values.