Wells Fargo misses interest income estimates as deposit costs bite, shares slump

By Reuters

Jul 13, 2024 12:06 am

Net interest income (NII) ― or the difference between what a bank earns on loans and pays out for deposits ― slid 9 percent to $11.92 billion. Analysts on average had expected $12.12 billion, according to LSEG data.

Average deposit costs jumped to 1.84 percent from 0.71 percent in the year-ago quarter, the bank said.

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