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10/12, 2:03 PM (Source: TeleTrader.com)
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Wells Fargo reports Q3 EPS of $1.13, up 34%

The American banking giant Wells Fargo announced on Friday its earnings-per-share in the third quarter of 2018 were up 34% from last year to reach $1.13. Net income amounted to $6 billion, 33% more than in the third quarter of 2017. The bank's revenue in the third quarter of 2018 stood at $21.94 billion, virtually unchanged compared to the same three-month period last year. Of that, net interest income was $12.6 billion, while noninterest income stood at $9.4 billion.

Wells Fargo's Chief Financial Officer John Shrewsberry said that the bank saw a growth in primary consumer checking customers during the third quarter, as well as increased debit and credit card usage and "higher year-over-year loan originations in auto, small business, home equity and personal loans and lines."

At the same time, the bank's CEO Tim Sloan stressed the company remains focused on its six goals aimed at "building a better" Wells Fargo: "risk management, customer service, team member engagement, innovation, corporate citizenship and shareholder value." He also pointed out that the company returned a record $8.9 billion to shareholders through net common stock repurchases and dividends.

Breaking the News / FH