Loan demand is sluggish, leading to a decline in interest income for Wells Fargo in the third quarter, resulting in disappointing profits

2024/10/14

Wells Fargo's profits fell in the third quarter due to weak loan demand and reduced interest payments affecting interest income.

The fourth-largest bank in the United States reported a net profit of $5.11 billion for the quarter ending September 30, down from $5.

78 billion for the same period last year.

Wells Fargo's net interest income (NII) declined 11% to $11.69 billion. According to LSEG estimates, analysts had an average forecast of $11.87 billion. NII refers to the difference between deposit and loan interest rates.

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Loan demand is sluggish, leading to a decline in interest income for Wells Fargo in the third quarter, resulting in disappointing profits

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In the earnings season for U.S. companies, focus is on five key areas

The U.S. economy is likely to achieve a soft landing, with three key indicators to monitor in the stock market over the next week. Institutions have suggested two strategies to engage in market trends

Loan demand is sluggish, leading to a decline in interest income for Wells Fargo in the third quarter, resulting in disappointing profits

Analysis of U.S. stock market outlook: Limited gains expected next year, experts believe market vitality will decline

If Trump or Kamala Harris achieves a major victory in November, how will the U.S. stock market react? UBS has analyzed six possible scenarios