Wells Fargo’s results topped analysts’ estimates for the first quarter of 2019, though its wealth unit continues to struggle.
The bank had net income of $5.9 billion, or $1.20 per share, vs. $5.1 billion, or $0.96 per share, a year ago. It reported revenue of $21.6 billion for the quarter, down from $21.9 billion a year earlier. Analysts had expected EPS of $1.09 and sales of $21.0 billion.
The bank is under a Federal Reserve-mandated asset growth cap after the fake-accounts scandal that began dominating headlines about two and a half years ago.
“We have more work ahead of us … , [and] I want to thank our team members for their continued commitment and tireless efforts,” said interim CEO Allen Parker, in a statement.
The Wealth & Investment Management unit had 13,828 advisors as of March 31, down 140 from the prior quarter and 571 from a year ago.