U.S. bank Wells Fargo & Co (NYSE:WFC). recorded a 6% decline in revenue in the fourth quarter of 2022, while its net income fell by half due to one-time expenses.

According to a press release from the bank, revenue in the October-December period totaled $19.66 billion, down from $20.86 billion in the same period a year earlier. Experts surveyed by FactSet had on average forecast the figure at $19.99 billion.

Wells Fargo’s net income fell to $2.86 billion last quarter from $5.75 billion a year earlier. Earnings per share fell to $0.67 from $1.38, however, beating analysts’ consensus estimates of $0.6.

The bank’s quarterly numbers include a one-time charge of $3.3 billion, or $0.7 per share, related to a number of previously announced factors, including the settlement of legal matters.

In December 2022, the U.S. Consumer Financial Protection Bureau (CFPB) fined Wells Fargo $3.7 billion for numerous violations in the calculation of interest payments for various loans, including automobile and mortgage loans.

The bank’s net interest income in the fourth quarter increased by 45% to $13.43 billion (experts’ forecast – $12.97 billion), non-interest income decreased by 46% to $6.23 billion.

Allocations to loan loss provisions amounted to $957 million.

Revenue from Wells Fargo’s Consumer and Small Business Banking division increased 8% to $9.46 billion last quarter.

Mortgage lending revenue fell 57% and auto lending revenue fell 12%. Revenues in consumer lending were up 9% and credit cards were up 6%.

Wells Fargo’s commercial banking division increased revenue 38% to $3.15 billion. Corporate and investment banking revenue increased 18% to $4.14 billion. Fixed income revenue increased 18% to $935 million and equity revenue increased 36% to $279 million.

The investment management division, which includes wealthy clients, increased revenue 1%, to $3.7 billion. Client assets under management at the bank fell 15%, to $1.86 trillion.

Earlier this week, Wells Fargo said it intends to sharply reduce its mortgage lending operations. The bank will focus primarily on lending to its own customers and underserved minority borrowers. Wells Fargo will also stop working with outside intermediaries who originate loans on its behalf – this business accounted for nearly half of all mortgage loans originated by the bank.

Wells Fargo shares are getting cheaper in premarket trading Friday. Their value has fallen 24% over the past 12 months.