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Credit not a bad story for us right now, says Wells Fargo CFO

While it will be easier for banks to make money when interest rates are higher, things could be worse right now, Wells Fargo Chief Financial Officer John Shrewsberry said Friday.

“We are in a low rate environment but … we managed to generate $5.6 billion worth of net income and we did it by growing loans 9 percent year over year. We did it by growing deposits. We did it by growing a variety of fee streams,” he said in an interview with CNBC’s “Closing Bell.”

In fact, Wells Fargo had 39 basis points of losses on average loans, which is a cyclical low, Shrewsberry noted.