(AOF) – Wells Fargo revealed declining profits in the first quarter due to a decline in interest income. Over this period, net profit stood at $4.62 billion, or $1.20 per share, compared with $4.99 billion, or $1.23 per share, a year earlier. The consensus was $1.26 per share. Revenue rose 0.65% to $20.863 billion. Interest income fell 8% to $12.23 billion.
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Despite the turbulence, fintechs stay the course
According to BCG, in mid-2021, all listed fintechs in the world were valued on average twenty times their revenues, or a valuation of around $1.3 trillion. This figure had multiplied by more than four in three years. At the end of 2022, this multiple was divided by five, with average valuations limited to four times revenue. Nevertheless, BCG considers that the sector should record a jump in growth by 2030, with a six-fold increase in revenues for fintechs. After payments, development should mainly come from fintech banking, with the rise of turnkey services for businesses and professionals (“banking-as-a-service”).