Wells Fargo reported Q3/16 net income was $5.6 billion, down from $5.8 billion in the same 2015 quarter. Revenues of $22.3 billion were up 2% from $21.9 billion in Q3/15. Earnings per share of $1.03 beat analysts’ estimates of $1.01.

The following highlights were excerpted from the news release:

• Total average loans of $957.5 billion were up 7% from $895.1 billion a year earlier. At September 30, 2016, commercial loans were $496.5 billion, up 11% from $447.3 billion a year earlier. The bank noted that strong loan growth included the GE Capital portfolio acquisitions.
• Lease financing average balances for Q3/16 of $18.9 billion were up 53.7% from $12.3 billion a year earlier. Interest income of $223 million was up from $129 million in Q3/15. The average yield in Q3/16 was 4.70%, up from 4.18% a year earlier.
• The net interest margin of 2.82% for Q3/16 was down from 2.96% for the same quarter one-year ago.

New president and CEO Tim Sloan said, “I am deeply committed to restoring the trust of all our stakeholders, including our customers, shareholders and community partners. We know that it will take time and a lot of hard work to earn back our reputation, but I am confident because of the incredible caliber of our teams members. We will work tirelessly to buld a stronger and better Wells Fargo for generations to come.”