4/13/2018, 2:06 PM (Source: TeleTrader)
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Wells Fargo earns $1.12 per share in Q1, 10% rise YoY

The American banking giant Wells Fargo reported on Friday it earned $1.12 per diluted share in the first quarter of 2018, marking a 10% rise compared to the same quarter last year. The bank earned a preliminary net income of $5.9 billion, 5% more than in the last year. Meanwhile, its revenue stood at $21.9 billion for the same period, falling around 5% compared to $22.3 billion recorded in 2017.

The net interest income fell 1% annually to arrive at $12.2 billion, while noninterest income declined by 2% to reach $9.7 billion. Meanwhile, the company stated that these results are preliminary and subject to change due to its ongoing dispute with Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) regarding its past practices "involving certain automobile collateral protection insurance policies and certain mortgage interest rate lock extensions."

"I’m confident that our outstanding team will continue to transform Wells Fargo into a better, stronger company; however, we recognize that it will take time to put all of our challenges behind us," Chief Executive Officer Tim Sloan said. At the same time, company's Chief Financial Officer John Shrewsberry included Wells Fargo's "continued strong credit performance, liquidity and capital levels" among the key financial achievements. "We returned $4.0 billion to shareholders through common stock dividends and net share repurchases in the first quarter, up 30 percent from a year ago," he added.

Breaking the News / FH