Wells Fargo CFO Mike Santomassimo He said on Tuesday (June 9) that the bank’s net interest income (NII) will rise this quarter and that the bank will meet its full-year forecast of about $50 billion in NII, Reuters. I mentioned Tuesday.
“This quarter, obviously you will see a move higher in NII,” Santomassimo said at an investor conference. He added that Wells Fargo is “very confident” that it will achieve the NPI it expects.
Santomassimo added that loan growth is performing well and consumers remain resilient, according to the report.
Wells Fargo said in its most recent earnings release, released on April 14 Net interest income By 5% on an annual basis during the first quarter.
The bank said the increase was driven by “higher deposit balances and lower deposit costs, improved results in our markets business, higher loan balances and investment securities, and repricing of fixed rate assets, partially offset by the impact of lower interest rates on floating rate assets.”
In a Presentation Issued at the time, Wells Fargo said its expected 2026 net interest income of about $50 billion was unchanged from its previous guidance. The bank added that its National Insurance performance will be determined by “the absolute level of interest rates and the shape of the yield curve; deposit balances, mix and pricing; and loan demand.”
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PYMNTS reported on June 1 that Federal Deposit Insurance Corporation‘s Quarterly banking file For the first quarter I found that the banking industry Net interest income It decreased by 0.8% from the previous quarter while non-interest income increased by 5.8%.
The FDIC said net interest margin fell to 3.31%, down eight basis points from the previous quarter. The report said that asset returns fell more quickly than financing costs, narrowing the spread between what banks earn on loans and securities and what they pay for deposits and other sources of financing.
Chairman of the Federal Deposit Insurance Corporation (FDIC). Travis Hill He said during a press briefing on the quarterly banking file: “Profit growth during this quarter was driven by profit growth.” Income other than interestWhich has grown particularly in large banks due to market volatility, partly due to the conflict in Iran.
