Wells Fargo: quarterly profit beats expectations
(CercleFinance.com) - Wells Fargo & Co on Friday beat Wall Street estimates with a 5% increase in first-quarter net profit, mostly boosted by an improvement in the group's credit quality.
The San Francisco-based bank said it earned 5.9 billion dollars, or 1.12 dollar per share, in the three first months of the year, up from 5.6 billion dollars, or 1.03 dollar a share, a year earlier.
The consensus was expecting 1.07 dollar per share.
However, the bank said the figures were "preliminary," as they may need to be revised to reflect costs to resolve matters regarding past practices involving automobile collateral protection insurance policies and mortgage extensions.
The matter has been offered a collective settlement for an aggregate 1 billion dollars in civil money penalties, Wells Fargo said.
On a brighter note, total credit losses were 741 million dollars in the first quarter, down 10 million dollars from the fourth quarter of 2017, it said.
After opening higher, the shares are currently down 0.6% at 52.3 dollars in morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The San Francisco-based bank said it earned 5.9 billion dollars, or 1.12 dollar per share, in the three first months of the year, up from 5.6 billion dollars, or 1.03 dollar a share, a year earlier.
The consensus was expecting 1.07 dollar per share.
However, the bank said the figures were "preliminary," as they may need to be revised to reflect costs to resolve matters regarding past practices involving automobile collateral protection insurance policies and mortgage extensions.
The matter has been offered a collective settlement for an aggregate 1 billion dollars in civil money penalties, Wells Fargo said.
On a brighter note, total credit losses were 741 million dollars in the first quarter, down 10 million dollars from the fourth quarter of 2017, it said.
After opening higher, the shares are currently down 0.6% at 52.3 dollars in morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.