Wells Fargo earnings: $1.03 per share vs $1.01 expected EPS

Wells Fargo reports earnings beat

Wells Fargo reported third quarter earnings that edged out expectations Friday. Shares of the scandal-plagued bank gave up most of their earlier gains to trade roughly even with Thursday's close.

The bank posted earnings of $1.03 a share, versus the estimated $1.01 a share.

Revenue came in at $22.328 billion, versus expectations of $22.21 billion, according to the consensus of analysts polled by Reuters.

The bank said total average loans came in at $957.5 billion, up $62.4 billion, or 7 percent, from the third quarter of 2015. Total average deposits of $1.3 trillion, up $62.7 billion, or 5 percent from the same period last year.

The bank has been the focus of intense criticism and multiple investigations as a result of a phony bank accounts scandal.

The third-quarter report is the first since the accounts controversy, which has resulted in Wells Fargo paying $185 million in penalties for opening roughly 2 million consumer deposit and credit card accounts without customer authorization.

"I am deeply committed to restoring the trust of all of 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 team members," President and CEO Tim Sloan said in the earnings release.

John Stumpf abruptly retired Wednesday as chairman and CEO, but not all analysts are convinced that the ascension of well-liked Tim Sloan to CEO will be enough to restore confidence in the bank.

Wells Fargo still faces a number of ongoing investigations by regulators, as well as private lawsuits.

Wells Fargo's net income in the most recent quarter declined to $5.64 billion from $5.8 billion the same period last year, the bank said Friday.

This is a breaking news story. Please check back for updates.