Wells Fargo Reports Better Than Expected Q1 Results 
<p><a href='https://financialmodelingprep.com/financial-summary/WFC'>Wells Fargo (NYSE:WFC)</a> reported its Q1 earnings results on Friday, with EPS of $1.23 coming in better than the Street estimate of $1.12. Revenue was $20.73 billion, beating the Street estimate of $20.12 billion.</p>
<p>The company's net interest income of $13.34 billion exceeded the Street's expectation of $13.09 billion, and its return on equity was 11.7%, surpassing the anticipated 10.5% and significantly improving from the 8.7% recorded during the same period last year.</p>
<p>Wells Fargo executives discussed the bank's exposure to commercial real estate (CRE) during a conference call with analysts, acknowledging the risk posed by empty offices in major cities due to remote working. </p>
<p>CEO Charlie Scharf noted that there are "pockets of risks" and the bank is proactively managing its own exposures. As of March, the company had outstanding CRE loans of $154.7 billion, accounting for 16% of total loans, with $35.7 billion in office loans.</p>

NYSE:WFC