Wells Fargo shares rose Friday after the bank reported an increase in quarterly earnings on the back of stable income from investment banking and wealth management.

Here’s what the bank reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Adjusted earnings per share: $1.39, 16% higher year over year but not quite comparable to the estimate of $1.24 due to a number of special items during the quarter
• Revenue: $20.15 billion versus $20.75 billion expected

Shares of Wells Fargo climbed nearly 2% in pre-market trading after the results.

Net interest income, a key measure of what a bank makes on loans, fell 6% year over year to $11.50 billion. Non-interest income, which includes investment banking fees, brokerage commissions and advisory fees, rose 1% to $8.65 billion from last year’s $8.54 billion.

CEO Charlie Scharf highlighted the uncertainty in the economy brought on by the Trump administration’s actions to reorient global trade, calling for a timely resolution.

“We support the administration’s willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions,” Scharf said in a statement. “Timely resolution which benefits the U.S. would be good for businesses, consumers, and the markets. We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes.”

Wells Fargo bought back 44.5 million of its own shares, worth $3.5 billion, in first quarter.

The San Francisco-based lender set aside $932 million as provision for credit losses, which included a decrease in the allowance for credit losses.

Morgan Stanley reported first-quarter earnings before the opening bell Friday. 

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

• Earnings: $2.60 a share, vs. expected $2.20 a share
• Revenue: $17.74 billion, vs. expected $16.58 billion

Shares of Morgan Stanley, like those of its peers, have whipsawed in recent days as President Donald Trump’s trade policies have increased concern that the U.S. was headed for a recession.

The bank’s massive wealth management business will be helped by high stock market values in the first quarter, which inflates the management fees it collects.

Analysts will want to ask about the outlook for investment banking activity, which may be curtailed amid the tensions.

This story is developing. Please check back for updates.