Q1 net interest income, or NII, was $13.3B, which was 45% higher than a year ago as the bank continues to benefit from the impact of higher rates. The $97M decline for the fourth quarter was due to two fewer business days, Wells Fargo CFO Michael Santomassimo said on the company’s Q1 call. "Our full year net interest income guidance has not changed from last quarter as we still expect 2023 net interest income to grow by approximately 10% compared with 2022. And ultimately, the amount of net interest income we earned this year will depend on a variety of factors, many of which are uncertain, including the absolute level of interest rates, the shape of the yield curve, deposit balances, mix and repricing and loan demand," Santomassimo added.
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