Wells Fargo: Solid Q3 Earnings Boost Optimism

Summary:

  • Wells Fargo’s Q3 earnings exceeded bottom-line expectations, with a notable 7% sequential rise in EPS and a strong performance in non-interest income.
  • Despite a seventh consecutive quarter of declining net interest income and net interest margin, optimism remains for a near-term NII trend reversal.
  • My “buy” rating on Wells Fargo remains intact, supported by positive momentum in non-interest income and an improving funding mix.

Wells Fargo.

Roman Tiraspolsky

Bank branches in the US were closed on Monday due to the Columbus Day. Nonetheless, this week is crucial as several money center banks, such as Citigroup (C) and Bank of America (BAC), will


Analyst’s Disclosure: I/we have a beneficial long position in the shares of C either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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