Wells Fargo Beats Profit Estimates Despite Declines in Loans and Interest Income

• Wells Fargo's first quarter profit fell 7% to $1.26 per share, but beat analyst estimates of $1.11 per share

• Net interest income declined 8% to $12.23 billion due to higher deposit costs and declining loan demand

• Average loans fell 2% driven by declines in most categories; credit card lending was a bright spot

• Non-interest expenses rose 5% partly due to higher FDIC assessments

• Wells Fargo is still operating under an asset cap and has 8 open consent orders related to the fake accounts scandal