Wells Fargo beat on its earnings, but missed ever so slightly on revenue for the first quarter of 2017
The bank reported earnings of $1.oo per share, higher than the $0.97 that analysts were expecting. Additionally, the bank said it generated revenue of $22.0 billion, just below analysts' projections of $22.3 billion. CFO John Shewsberry said in a press release accompanying earnings that the results were driven primarily by improved loan quality and a lower tax bill. "Expenses were elevated compared with last quarter, driven by typically-higher first quarter personnel-related expenses," Shewsberry said. "Credit results improved, with lower net charge-offs and nonaccrual loans, and we benefited from lower income tax expense." The bank said that consumer loans declined by $5.7 billion compared to the same quarter last year and commercial and industrial loans - essentially loans made to businesses - were down by $1.6 billion compared to the previous quarter, but were up $16.8 billion against the same quarter last year. The bank also said ther