Wells Fargo: misses estimates in Q4
(CercleFinance.com) - On Friday Wells Fargo & Co reported results that fell short of Wall Street estimates, with Q4 profit down 17%.
The US bank reported net income of 6.2 billion dollars over the three last months of 2017, compared with 5.3 billion dollars in the same period the year before.
The San Francisco-based bank said it EPS reached 1.16 dollar, although the consensus was looking for 1.32 dollar per share.
Wells Fargo said that market-sensitive revenue was 728 million dollars, compared with 649 million dollars in Q3 2017, driven by higher net gains from equity investments.
The lender also benefitted from an 848 million dollar gain on the sale of Wells Fargo Insurance Services USA.
Over full-year 2017, net income totalled 22.2 billion dollars, up from 21.9 billion dollars in 2016.
"While we faced challenges in 2017, we are a much better company today than we were a year ago, and I am confident that this year Wells Fargo will be even better," CEO Tim Sloan said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The US bank reported net income of 6.2 billion dollars over the three last months of 2017, compared with 5.3 billion dollars in the same period the year before.
The San Francisco-based bank said it EPS reached 1.16 dollar, although the consensus was looking for 1.32 dollar per share.
Wells Fargo said that market-sensitive revenue was 728 million dollars, compared with 649 million dollars in Q3 2017, driven by higher net gains from equity investments.
The lender also benefitted from an 848 million dollar gain on the sale of Wells Fargo Insurance Services USA.
Over full-year 2017, net income totalled 22.2 billion dollars, up from 21.9 billion dollars in 2016.
"While we faced challenges in 2017, we are a much better company today than we were a year ago, and I am confident that this year Wells Fargo will be even better," CEO Tim Sloan said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.