Wells Fargo profits drop in 1Q but revenues rise by 3%
American lender Wells Fargo reported a drop in first quarter profits though the lender managed to grow revenues by 3% to $21.3bn.
Wells Fargo & Co.
$71.31
10:59 03/01/25
On Tuesday, San Francisco-based Wells Fargo bank reported a drop in first quarter profits to $5.8bn, or $1.04 a share, from $5.9bn, or $1.05 a share, in the year ago quarter. Revenues however rose 3% to $21.3bn.
Mortgage originations were $49bn in the quarter, up from $44bn in the fourth quarter. That’s a reflection of more homeowners borrowing and refinancing existing loans on the back of falling mortgage rates.
Wells is one of the biggest mortgage lenders in the US.
It also counts Warren Buffett as its largest shareholder.
The San Francisco-based lender restructured its business in the wake of the financial crisis in order to put the worst behind him.