Wells Fargo: quarterly profit up on loan performance
(CercleFinance.com) - Wells Fargo & Company has beaten Wall Street estimates with a sharp increase in its first-quarter profit, boosted by credit growth and higher levels of cash.
This morning, the San Francisco-based bank reported net income of 5.9 billion dollars, or 1.20 dollar per diluted common share, for the first quarter of 2019, compared with 5.1 billion dollars, or 0.96 dollar per share, for the first quarter of 2018.
However, net interest income in the first quarter reached 12.3 billion dollars, down 333 million quarter-to-quarter, mainly due to two fewer days in the quarter and the impact of a flattening yield curve.
The bank - which saw its CEO suddenly resign at the end of March - said average loans were 950.1 billion dollars in the first quarter, up 3.8 billion dollars from the fourth quarter.
In its statement, Wells Fargo said it remains committed to, and was on track to achieving, its 2019 cost target.
Its shares were up 0.5% in pre-market trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
This morning, the San Francisco-based bank reported net income of 5.9 billion dollars, or 1.20 dollar per diluted common share, for the first quarter of 2019, compared with 5.1 billion dollars, or 0.96 dollar per share, for the first quarter of 2018.
However, net interest income in the first quarter reached 12.3 billion dollars, down 333 million quarter-to-quarter, mainly due to two fewer days in the quarter and the impact of a flattening yield curve.
The bank - which saw its CEO suddenly resign at the end of March - said average loans were 950.1 billion dollars in the first quarter, up 3.8 billion dollars from the fourth quarter.
In its statement, Wells Fargo said it remains committed to, and was on track to achieving, its 2019 cost target.
Its shares were up 0.5% in pre-market trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.