Wells Fargo’s net interest income lowest since 2016

Bloomberg

Wells Fargo & Co is already feeling the sting of falling rates. Net interest income (NII), the difference between what the bank charges borrowers and what it pays depositors, fell
to the lowest since 2016. That brought the net interest margin to a lower-than-expected 2.82 percent.
Declining interest rates and a potential Federal Reserve cut have fuelled concern across Wall Street about how much and how soon banks will suffer. In April, Wells Fargo said it expected interest income to fall as much as 5 percent, hurting the stock at the time. NII in the second quarter fell 4 percent to $12.1 billion, below the lowest analyst estimate.
A bright spot in the quarter: The bank continued to win business from consumers, with primary checking accounts up 1.3 percent from a year earlier.