Wells Fargo & Company announced on Friday that its revenue in the first quarter of fiscal 2025 stood at $20.15 billion, dropping 3% compared to the same period a year prior. Meanwhile, its net income rose by 6% in the reported period, landing at $4.9 billion, while diluted earnings per share (EPS) came in at $1.39, surging 16% year-over-year.

"We produced solid results with diluted earnings per share increasing 16% from a year ago reflecting fee-based revenue growth across many of our core businesses, continued expense discipline, improved credit results, and an 8% reduction in diluted common shares as we continued to return capital to shareholders. I am excited about the momentum we are building across our businesses," CEO Charlie Scharf said.

Wells Fargo's stock climbed by 2.25% during premarket hours following the release of the report, selling for $64.53 apiece.