Wells Fargo reports Q1 EPS $1.60, consensus $1.58

Reports Q1 revenue $21.45B, consensus $21.79B. Chairman and Chief Executive Officer Charlie Scharf commented, “We saw continued positive impacts from the investments we have been making with diluted earnings per share increasing 15%, revenue increasing 6%, loans increasing 11%, and deposits increasing 7% compared to a year ago. Revenue growth was driven by both a 5% increase in net interest income and an 8% increase in noninterest income. Credit performance remained strong with net loan charge-offs stable at 45 basis points. We returned $4B to shareholders through common stock repurchases while continuing to operate with significant excess capital.”