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The
third-largest U.S. bank by assets said net income applicable to
common shareholders fell to $5.06 billion, or $1.00 per share,
in the first quarter ended March 31, from $5.09 billion, or 99
cents per share, a year earlier.
Analysts on average had estimated earnings of 96 cents per
share, according to Thomson Reuters I/B/E/S. It was not
immediately clear if the reported figures were comparable.
Wells Fargo has been dealing with multiple lawsuits and
regulatory inquiries since government investigations found in
September that some of its employees had opened as many as two
million accounts without customers' knowledge.
The scandal damaged the bank's folksy image and also led to the
ouster of Chief Executive John Stumpf, but growing deposit
balances and a stable level of account closings show that
profitability in the long run should not be hampered.
The company has been reporting customer activity in its branch
banking unit on a monthly basis ever since the scandal, in an
effort to be transparent with investors and to win back their
trust.
Wells Fargo's total revenue fell 0.9 percent to $22 billion.
(Reporting by Nikhil Subba in Bengaluru and Dan Freed in New
York; Editing by Saumyadeb Chakrabarty)
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