Dakin Campbell
Wells Fargo & Co., the most valuable U.S. bank, said low interest rates pushed first-quarter lending margins below 3 percent for the first time since at least 1994.
Net income fell 1.5 percent to $5.8 billion, or $1.04 a share, from $5.89 billion, or $1.05, a year earlier, the San Francisco-based company said Tuesday in a statement, the first year-over-year quarterly profit decline since 2008. The average estimate of 24 analysts surveyed by Bloomberg was for per-share profit of 98 cents.
“The interest-rate environment hasn’t improved and we are still seeing a generally sluggish economic scenario,” Jennifer Thompson, an analyst at Portales Partners LLC in New York, said in an interview before the results were released. “Margins will be under pressure.”
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