Wells Fargo (NYSE:WFC) exceeded first-quarter revenue expectations with a total of $20.86 billion, surpassing the consensus estimate of $20.18 billion. Earnings per share (EPS) also outperformed predictions at $1.20 versus an anticipated $1.07. Despite the beat, the company posted weaker-than-expected net interest income (NII), which was reported at $12.23 billion against an expected $12.32 billion.

Breakdowns in specific segments showed mixed results: Commercial banking revenue was $3.15 billion, slightly missing the $3.35 billion forecast. However, corporate and investment banking excelled with $4.98 billion, topping the $4.85 billion estimate. Wealth & investment management revenues aligned with expectations at $3.74 billion, while consumer banking and lending generated $9.09 billion, falling short of the $9.41 billion forecast.

Other financial metrics included an efficiency ratio of 69%, above the projected 68%, and a net interest margin of 2.81%. The bank reported a common equity Tier 1 ratio of 11.2%, and non-interest expenses were higher than expected at $14.34 billion, compared to an estimated $13.91 billion.