net income applicable to common shareholders fell to $5.09
billion, or 99 cents per share, in the first quarter ended March
31 from $5.46 billion, or $1.04 per share, a year earlier, the
bank said on Thursday.
Analysts on average had estimated earnings of 97 cents per
share, according to Thomson Reuters I/B/E/S. It was not
immediately clear if the figures were comparable.
Wells Fargo set aside $1.09 billion in the quarter to cover bad
loans, mainly to energy companies, compared with $608 million a
Oil prices have dropped by two-thirds since 2014, gutting the
global energy markets and driving a string of bankruptcies as
debt-laden drillers default on their loans.
(Reporting by Sruthi Shankar and Richa Naidu in Bengaluru;
Editing by Kirti Pandey)
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