NEW YORK — Wells Fargo, the third-biggest U.S. bank by assets, said Tuesday that its first-quarter earnings fell slightly from the same period a year earlier.
Gains from trading and mortgage originations were offset by lower income from other parts of its business, such as seasonally lower card fees and deposit service charges.
Net income after dividends to preferred shareholders fell to $5.5 billion for the January-to-March period, or $1.04 a share, compared with $5.6 billion, or $1.05 a share.
Revenue climbed to $21.3 billion from $20.6 billion a year earlier.
The bank's net interest margin, a closely watched measure of the bank's profitability, fell to 2.95 percent from 3.04 percent in the previous quarter.
The earnings beat analysts' expectations of 98 cents a share. Revenue was in line with estimates of $21.3 billion.
Shares in Wells Fargo fell 63 cents, or 1.2 percent, to $53.96 in pre-market trading. Wells Fargo's stock has been flat this year. The Standard & Poor's 500 index has gained 1.6 percent over the same stretch.