• Entertainment
  • Finance
  • Marketing
  • Real Estate
  • Technology
  • Social
National Journal Community Of e-Experts
Finance 0

Wells Fargo Earnings Results For Q1 2018 Beat Estimates

By Kurt Osterberg · On April 13, 2018

Wells Fargo & Co (NYSE: WFC) released its Q1 2018 earnings results before opening bell this morning. Wells Fargo earnings rose to $1.12 per share on $21.9 billion in revenue, while the Street had been looking for $1.06 per share on $21.7 billion in revenue. In the year-ago quarter, Wells Fargo earnings amounted to $1.03 per share on $22.3 billion in revenue.

 

By The original uploader was Henry W. Schmitt at English Wikipedia (Transferred from en.wikipedia to Commons.) [Public domain], via Wikimedia Commons

Wells Fargo earnings for Q1 2018

Wells Fargo said the Q1 2018 earnings results reported this morning are preliminary and may end up needing revisions “to reflect additional accruals for the CFPB/OCC matter,” which will be finalized in its 10-Q filing.

The firm said its net interest income ticked down by 1% year over year to $12.2 billion, missing the consensus estimate of $12.65 billion. Total average loans fell 1% year over year to $951 billion quarter over quarter. Average deposits fell $2 billion to $1.3 trillion. Net charge-offs fell $64 million to $741 million. Return on assets amounted to 1.26%, while return on equity was 12.37%.

Community banking revenue was essentially flat year over year at $11.8 billion, while wholesale banking revenue fell to $7.3 billion from $7.6 billion a year ago. Wealth and investment management revenue ticked down to $4.24 billion from $4.26 billion.

Wells Fargo had $1.6 trillion in retail client assets under management, a 4% year-over-year increase. Advisory assets were up 10% at $540 million. Client assets in the wealth management division increased 2% to $242 billion, while total assets under management in the asset management segment grew 3% to $497 billion. IRA assets increased 5% to $403 billion, while individual retirement plan assets grew 7% to $386 billion.

Wells Fargo stock jumps

The firm’s net interest margin held steady at 2.81%, but that missed the consensus, at 2.88%. Wells Fargo reported a Common Equity Tier 1 ratio of 12%. Net interest income fell $75 million quarter over quarter to $12.2 billion, as there were two fewer days in Q1 2018. Noninterest income fell $41 billion quarter over quarter to $9.7 billion.

Print Friendly, PDF & Email

Share Tweet

Kurt Osterberg

You Might Also Like

  • Finance

    6 Levels of Commitment to Change

  • Finance

    4 Tips to Retain Top Employees in a World Where Burnout Consumes Us

  • Finance

    End-to-End Testing: Avoiding Software Failure in Distributed Systems

No Comments

Leave a reply Cancel reply

Top Finance

  • Chart: Amazon’s Dominance In Ecommerce Chart: Amazon’s Dominance In Ecommerce
  • Hedge Funds In The US Hedge Funds In The US
  • 3 Best Large-Cap Blend Mutual Funds For Enticing Returns 3 Best Large-Cap Blend Mutual Funds For Enticing Returns
  • Kanban vs Scrum: Understanding the Tools for Agile Success Kanban vs Scrum: Understanding the Tools for Agile Success
  • 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement

New Posts

  • 6 Levels of Commitment to Change

    6 Levels of Commitment to Change

    April 22, 2021
  • 4 Tips to Retain Top Employees in a World Where Burnout Consumes Us

    4 Tips to Retain Top Employees in a World Where Burnout Consumes Us

    April 22, 2021
  • End-to-End Testing: Avoiding Software Failure in Distributed Systems

    End-to-End Testing: Avoiding Software Failure in Distributed Systems

    April 22, 2021
  • When Things Look This Bad, How Can You Move Forward?

    When Things Look This Bad, How Can You Move Forward?

    April 22, 2021
  • 3 Common Mistakes to Avoid While Using 360 Multi-Rater Feedback

    3 Common Mistakes to Avoid While Using 360 Multi-Rater Feedback

    April 22, 2021
  • About
  • Contact Us
  • Privacy & Policy
  • Sitemap
  • Terms of use

Copyright © 2018-2021 NJCEE. All Rights Reserved.