Wells Fargo reported its fourth-quarter profit rose 10 percent from a year earlier to $5.6 billion, or $1.00 a share.
Revenue, however, fell to $20.7 billion, from $21.9 billion a year earlier, the giant bank said Tuesday morning.
Analysts had reportedly expected earnings of 99 cents on revenue of $20.68 billion.
The company said it grew net interest income and non-interest income during the quarter, despite a challenging rate environment and an expected decline in mortgage originations.
The largest US mortgage originator reported a decline in home loans for the quarter. Wells generated $50 billion in new mortgages in the 4th quarter versus $125 billion in the same quarter last year.
Wells Fargo reported total loans of $825.8 billion, up $26.2 billion from a year ago, as well as net charge-offs of $963 million, down $1.1 billion from a year ago.
Shares in Wells Fargo were down 1.2% in premarket trading.
This article originally appeared on MarketWatch.com.