logo
  

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
Hedge-fund billionaire William Ackman's Pershing Square Tontine Holdings Ltd. (PSTH) agreed to acquire 10% of Universal Music Group from French media conglomerate Vivendi (VIV.L, VIVEF.PK) for about $4 billion, the companies said in a statement on Sunday. The 737 MAX 10, Boeing Co.'s largest 737 Max model, is taking its maiden flight today, reports said citing people familiar with the matter. The flight after months of testing and certification will be around 10 a.m. local time from the Seattle area. The schedule could change depending on weather or other factors. Meanwhile, the jetliner is expected to enter commercial service in 2023. Medical devices supplier Smiths Medical, affiliated to Smiths Group plc, is recalling certain Jelco Hypodermic Needle-Pro Fixed Needle insulin syringes with skewed graduation markings, the U.S. Food and Drug Administration said. The recall was initiated after the company became aware of specific models and lots of Jelco insulin syringes that may exhibit skewed odd number line graduation markings.
Follow RTT