Wells Fargo & Co. posted net income applicable to common stock of $4.04 billion, or 92 cents per share, for the third quarter, down from $5.45 billion, or $1.13 per share, in the year-ago period.
The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was $1.22.
Net income for the quarter included a $1.6 billion, or 35 cents per share, hit due to litigation accrual for the bank's previously disclosed retail sales practices matters. It also included a $1.1 billion, or 20 cents per share, gain from the sale of the institutional retirement and trust business.
Total revenue was $22.01 billion for the third quarter, compared to $21.58 billion for the second quarter and $21.94 billion in the year-ago quarter.
Net interest margin for the third quarter was 2.66%, compared with 2.82% in the previous quarter and 2.94% in the year-ago period.
Total loans at the end of the quarter reached $954.92 billion, compared with $949.88 billion at the end of the previous quarter and $942.30 billion at the end of the year-ago period.
Total deposits at the end of the third quarter stood at $1.308 trillion, compared with $1.288 trillion at the end of the previous quarter and $1.267 trillion at the end of the year-ago period.
Provision for credit losses was $695 million for the third quarter, compared to $503 million in the second quarter and $580 million in the year-ago quarter.