Wells Fargo (WFC) Beats Q4 Views, Improves Capital Ratio Position
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Wells Fargo & Co. (NYSE: WFC) shares are trading higher pre-market Tuesday following solid fourth-quarter numbers from the West Coast financial giant.
Revenue in the quarter fell about 4.1 percent from the same quarter last year to $20.61 billion.
Net income rose 20.5 percent to $4.11 billion, or 73 cents per share.
Both numbers were better than the Street's quarterly estimates: revs of $20.08 billion and earnings of 72 cents per share.
At the end of the latest quarter, the Tier 1 capital ratio was 9.46 percent under Basel I, and 7.49 percent under Basel III.
Net charge-offs fell from 2.02 percent to just 1.36 percent, while average loans grew 2 percent to $768.6 billion.
"In 2012, we are focused on Wells Fargo’s many opportunities, including continuing to provide our customers with award winning service, welcoming new customers as we grow market share throughout our many businesses and geographies, achieving efficiency improvements across the company and returning even more capital to our shareholders," commented CEO John Stumpf.
Shares last traded at $29.95, up nearly 1.2 percent from Friday's closing price.
Revenue in the quarter fell about 4.1 percent from the same quarter last year to $20.61 billion.
Net income rose 20.5 percent to $4.11 billion, or 73 cents per share.
Both numbers were better than the Street's quarterly estimates: revs of $20.08 billion and earnings of 72 cents per share.
At the end of the latest quarter, the Tier 1 capital ratio was 9.46 percent under Basel I, and 7.49 percent under Basel III.
Net charge-offs fell from 2.02 percent to just 1.36 percent, while average loans grew 2 percent to $768.6 billion.
"In 2012, we are focused on Wells Fargo’s many opportunities, including continuing to provide our customers with award winning service, welcoming new customers as we grow market share throughout our many businesses and geographies, achieving efficiency improvements across the company and returning even more capital to our shareholders," commented CEO John Stumpf.
Shares last traded at $29.95, up nearly 1.2 percent from Friday's closing price.
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