Wells Fargo net income falls slightly from a year earlier

FILE - In this Jan. 18, 2011 file photo, a pedestrian walks by a Wells Fargo bank branch in Los Angeles. Wells Fargo, the third-biggest U.S. bank by assets, said its first-quarter earnings fell slightly from the same period a year earlier, Tuesday, April 14, 2015. Net income for the January-to-March period fell to $5.5 billion, or $1.04 a share, compared with $5.6 billion, or $1.05 a share. Revenue climbed to $21.3 billion from $20.6 billion a year earlier. (AP Photo/Reed Saxon) FILE - In this Jan. 18, 2011 file photo, a pedestrian walks by a Wells Fargo bank branch in Los Angeles. Wells Fargo, the third-biggest U.S. bank by assets, said its first-quarter earnings fell slightly from the same period a year earlier, Tuesday, April 14, 2015. Net income for the January-to-March period fell to $5.5 billion, or $1.04 a share, compared with $5.6 billion, or $1.05 a share. Revenue climbed to $21.3 billion from $20.6 billion a year earlier. (AP Photo/Reed Saxon)

By Associated Press April 14, 2015 1 min read

NEW YORK (AP) – Wells Fargo, the third-biggest U.S. bank by assets, said Tuesday that its first-quarter earnings fell slightly from the same period a year earlier.

Gains from trading and mortgage originations were offset by lower income from other parts of its business, such as seasonally lower card fees and deposit service charges.

Net income after dividends to preferred shareholders fell to $5.5 billion for the January-to-March period, or $1.04 a share, compared with $5.6 billion, or $1.05 a share.

Revenue climbed to $21.3 billion from $20.6 billion a year earlier.

The bank’s net interest margin, a closely watched measure of the bank’s profitability, fell to 2.95 percent from 3.04 percent in the previous quarter.