Wells Fargo (WFC) Continues Q2 Financials Win Streak with New Record
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Wells Fargo (NYSE: WFC) is keeping the financials trend alive and well with strong second-quarter 2011 numbers Tuesday morning.
Revenue in the quarter fell 4.7 percent from $21.394 billion to $20.386 billion. The Street was looking for revs of $20.46 billion.
Net income increased 29 percent to a record of $3.95 billion, or 70 cents per share, beating views calling for earnings of 69 cents per share.
Capital ratios were also strong: Tier 1 under Basel I at 9.2 percent, while Basel III ratios estimated to be 7.4 percent.
Net charge-offs as a percentage of total loans fell from 2.33 to 1.52. Loans fell 2.8 percent to $751.3 billion. Foreclosed assets also dropped about 12 percent from $5.512 to $4.861 billion.
Shares of Wells Fargo last traded at $27.34, up 1.7 percent from Monday's closing price.
Revenue in the quarter fell 4.7 percent from $21.394 billion to $20.386 billion. The Street was looking for revs of $20.46 billion.
Net income increased 29 percent to a record of $3.95 billion, or 70 cents per share, beating views calling for earnings of 69 cents per share.
Capital ratios were also strong: Tier 1 under Basel I at 9.2 percent, while Basel III ratios estimated to be 7.4 percent.
Net charge-offs as a percentage of total loans fell from 2.33 to 1.52. Loans fell 2.8 percent to $751.3 billion. Foreclosed assets also dropped about 12 percent from $5.512 to $4.861 billion.
Shares of Wells Fargo last traded at $27.34, up 1.7 percent from Monday's closing price.
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