Wells Fargo reported third-quarter earnings on Friday that beat Wall Street’s expectations and led to a rise in stock prices.

Here’s what the bank reported compared to Wall Street’s expectations, based on an analyst survey by LSEG:

• Adjusted earnings per share: $1.52 versus expected $1.28
• Revenue: $20.37 billion versus $20.42 billion expected

The bank’s shares rose more than 4% in morning trading following the results. The better-than-expected earnings came with a significant decline in net interest income, a key measure of what a bank earns from lending.

The San Francisco-based lender reported net interest income of $11.69 billion, down 11% from the year-ago quarter and below the FactSet estimate of $11.9 billion. Wells said the decline was due to higher funding costs due to customer migration to higher-interest deposit products.

“Our earnings profile is very different than it was five years ago as we have made strategic investments in many of our businesses and de-emphasized or sold others,” CEO Charles Scharf said in a statement. “Our revenue streams are more diverse and fee-based revenue increased 16% in the first nine months of the year, largely offsetting net interest income headwinds.”

Wells’ net income fell to $5.11 billion, or $1.42 per share, in the third quarter, compared with $5.77 billion, or $1.48 per share, in the year-ago quarter. Net income included debt losses of $447 million, or 10 cents per share, the company said. Sales fell to $20.37 billion from $20.86 billion the previous year.

The bank set aside $1.07 billion as a provision for loan losses, compared to $1.20 billion a year ago.

Wells repurchased $3.5 billion of common stock in the third quarter, bringing its total value in the nine months to more than $15 billion, a 60% increase from a year earlier.

The bank’s shares have gained 17% in 2024, underperforming the S&P 500.