Wells Fargo has posted a net income of $5.94bn for the first quarter of 2018, an increase of 5% from $5.63bn in the year ago quarter.

For the quarter ended 31 March 208, the group’s revenue declined 1.4% year-on-year to $21.93bn from $22.25bn last year.

The community banking unit of the group posted net income of $2.71bn, a decrease of nearly 4% compared with $2.82bn in the year ago period.

The division’s total revenue during the quarter increased marginally to $11.83bn from $11.82bn in the corresponding quarter of 2017.

Wells Fargo’s wholesale banking arm posted a net income of $2.87bn, while the wealth and investment management unit reported net income of $714m for the latest quarter.

Wells Fargo CEO Tim Sloan said: “During the first quarter our team members continued to focus on our vision of satisfying our customers’ financial needs and helping them succeed financially. We also made progress on our priority of rebuilding trust with our customers, team members, communities, regulators, and shareholders.

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“The efforts to build a better Wells Fargo during the quarter included continuing to improve our compliance and operational risk management programs, investing in innovative products and services that enhance the customer experience including the roll-out of our digital mortgage application and predictive banking service, and increasing the minimum hourly pay rate for U.S.-based team members.”