Wells Fargo (WFC) Reports In-Line Q4 EPS

Wells Fargo (NYSE: WFC) reported Q4 EPS of $1.02, in-line with the analyst estimate of $1.02. Revenue for the quarter came in at $21.4 billion versus the consensus estimate of $21.2 billion.

"Wells Fargo had another strong year in 2014, with continued strength in the fundamental drivers of long-term performance: growing customers, loans, deposits and capital," said Chairman and CEO John Stumpf. "As a result of this performance, we were able to return more capital to our shareholders during the year. Our success is the result of our 265,000 team members remaining focused on meeting the financial needs of our customers in the communities we serve. As the U.S. economy continues to build momentum, I'm optimistic that our diversified business model will continue to benefit all of our stakeholders in 2015.”

Chief Financial Officer John Shrewsberry said, “Our performance in the fourth quarter was a great example of the benefit of our diversified business model and reflected a continuation of the solid results we generated all year. Compared with the prior quarter, we increased deposits and grew commercial and consumer loans while maintaining our risk and pricing discipline. Revenue increased as net interest income benefited from loan growth and the prudent deployment of our liquidity. Fee income remained strong and diversified. Credit quality continued to improve. We also maintained strong capital and liquidity, and returned more capital to shareholders in the quarter."

Loans

Total loans were $862.6 billion at December 31, 2014, up $23.7 billion from September 30, 2014, reflecting broad- based growth in our portfolios. Core loan growth was $26.0 billion, and our non-strategic/liquidating portfolios declined $2.3 billion in the quarter. Loan growth included the acquisition of the Dillard's credit card portfolio as well as $6.5 billion from the financing related to the sale of government guaranteed student loans.

For earnings history and earnings-related data on Wells Fargo (WFC) click here.

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