© Reuters.
SAN FRANCISCO – Wells Fargo (NYSE:) & Co. announced that its fourth-quarter net income rose to $3.45 billion, marking an increase from the previous year’s $3.16 billion. The bank, headquartered in San Francisco, also reported an adjusted earnings per share (EPS) of $1.29, surpassing EPS estimates. Despite the positive earnings report, the company’s stock experienced a downturn, falling by 3.3% following the earnings announcement.
The financial results for the quarter factored in several one-time items, including a special Federal Deposit Insurance Corporation (FDIC) assessment charge and severance costs, which were partly offset by a tax gain. Looking ahead, Wells Fargo has signaled a cautious outlook, specifically mentioning the possibility of a reduction in net interest income in the coming year.
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