Wells Fargo posted mixed quarterly results on Friday morning, as profit slightly beat expectations but sales failed to top Wall Street’s estimates.
The banking giant reported fourth-quarter diluted earnings of $1.03 per share on $21.6 billion in revenue. Its net income of $5.7 billion was flat from the previous year, while sales rose 1 percent.
Analysts expected Wells Fargo to report earnings per share of $1.02 on revenue of $21.8 billion, according to a Thomson Reuters consensus estimate. Its shares fell more than 3 percent on Friday.
Wells Fargo CFO John Shrewsberry told CNBC he did not know yet how recent market volatility would affect the company. But he said business still seems stable outside of the sagging energy sector.
“We’ll see what all this market turbulence means as the first quarter unfolds,” he told CNBC’s “Closing Bell” on Friday.
Wells Fargo’s results come amid a string of big bank earnings this week. JPMorgan Chase topped Wall Street’s expectations on Thursday, while Citigroup also beat estimates Friday morning.
Wells Fargo’s total average deposits rose 6 percent year over year to $1.2 trillion. The bank’s total average loans also climbed 7 percent from the previous year to $912.3 billion.
Its net interest margin slid in the quarter to 2.92 percent from 3.04 percent in the previous year. The margin fell to 2.95 percent for 2015, down from 3.11 percent in 2014.
For the full year, net income fell slightly to $23 billion from $23.1 billion in the prior year. Sales climbed 2 percent to $86.1 billion.
Wells Fargo’s stock has not been immune to this year’s broad-based sell-off, having plunged over 8 percent, according to FactSet. However, it is down less for the year than some of its competitors, including JPMorgan Chase and Bank of America.
Shares of Wells are also down more than 12 percent in the last six months, according to FactSet.
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