Wells Fargo Stock To Double Its Dividend From Third Quarter

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Wells Fargo Stock To Double Its Dividend From Third Quarter

SAN FRANCISCO, UNITED STATES - 2020/01/23: American multinational financial services company Wells ... [+] Fargo logo seen at one of their branches. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images) Wells Fargo's revenues of $72. 3 billion for the full year 2020 were down 15% y-o-y, mainly driven by lower net interest income. The NII, which generates more than 50% of the total revenues, suffered due to a lower interest rate environment and a drop in outstanding loan balance. The same trend continued in the first quarter of FY2021 as well, with the bank posting a 22% y-o-y drop in its NII. However, it witnessed a 45% y-o-y growth in non-interest income, which was able to offset the negative impact of lower NII. Moving forward, we expect the non-interest income to continue its growth momentum. Further, loan balances are likely to improve with recovery in the economy, although interest rates are likely to remain below the pre-Covid-19 levels for some more time. Overall, Wells Fargo's revenues are likely to remain around $71. 3 billion in the year. Additionally, the bank's profitability figures are likely to receive a big boost in the year due to a favorable decrease in provisions for

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