Wells Fargo (NYSE: WFC) reported Q3 EPS of $1.48, $0.24 better than the analyst estimate of $1.24. Revenue for the quarter came in at $20.86 billion versus the consensus estimate of $20.11 billion.

Chief Executive Officer Charlie Scharf commented, “Our third quarter results were solid with net income of $5.8 billion and revenue of $20.9 billion. Our revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses. Expenses declined from a year ago due to lower operating losses. While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly.”

“In addition to making progress on our risk and control work, which is our top priority, we also continued to take steps to advance our business strategy. In the third quarter, we sold certain private equity investments; announced a new strategic relationship with Centerbridge Partners that will provide our middle market clients greater access to alternative sources of capital; continued to enhance our digital capabilities including adding a Spanish-language capability to FargoTM, our AI-powered virtual assistant; and made important hires across the businesses we are looking to grow,” Scharf added.

“In the third quarter, we increased our common stock dividend by 17% and our CET1 ratio was 11.0%, 210 basis points above our new regulatory minimum plus buffers starting in the fourth quarter. While proposed bank capital rules include higher capital requirements, we are starting from a strong capital position and returning excess capital to shareholders remains a priority,” Scharf concluded.

For earnings history and earnings-related data on Wells Fargo (WFC) click here.