Wells Fargo Q1 Profit Soars Seven-fold, Results Top Estimates - Quick Facts

Wells Fargo & Co. (WFC) on Tuesday reported net income applicable to common stock of $4.74 billion or $1.05 per share for the first quarter, sharply higher than $653 million or $0.01 per share in the year-ago quarter.

Revenue for the quarter increased 2 percent to $18.06 billion from $17.72 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share on revenues of $17.50 billion for the quarter. Analysts' estimates typically exclude special items.

Net interest income was $8.80 billion, down 22 percent from $11.31 billion in the same period last year, primarily due to the impact of lower interest rates. Non-interest income was $9.27 billion, up 45 percent from $6.41 billion a year ago.

Provision for credit losses decreased $5.1 billion, due to continued improvements in the economic environment and lower net charge-offs.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration approved Boehringer Ingelheim Pharmaceuticals, Inc.'s Pradaxa (dabigatran etexilate) oral blood thinning medication for children. Pradaxa is the first FDA-approved blood thinning medication that children can take by mouth. The only other approved blood thinning medication for children is given by injection. Amazon.com Inc.'s two-day Prime Day event is happening now with more than 2 million deals on offer. The e-commerce giant's biggest shopping extravaganza of the year started June 21 at 3 a.m. EDT and runs for 48 hours, through June 22. Prime Day 2021 will feature the largest number of deals ever offered in the seven year history of the Prime Day Celebrations. New deals are being launched throughout The European Commission announced Tuesday that it has opened a formal antitrust investigation to assess whether Google has violated EU competition rules by favoring its own online display advertising technology services in the so called "ad tech" supply chain, to the detriment of competing providers...
Follow RTT