Wells Fargo (WFC) Reports In-Line Q3 EPS

Wells Fargo (NYSE: WFC) reported Q3 EPS of $1.02, in-line with the analyst estimate of $1.02. Revenue for the quarter came in at $21.2 billion versus the consensus estimate of $21.1 billion.

“The Company’s third quarter results demonstrated strength in the fundamental drivers of our long-term growth,” said Chairman and CEO John Stumpf. “Loan and deposit growth was strong and diversified across both commercial and consumer businesses. Capital levels increased even as we returned more capital to shareholders through higher dividends and share repurchases from a year ago. We continue to see signs of a steadily improving economy, and I remain optimistic about the opportunities ahead for Wells Fargo. Our team remains committed to meeting the financial needs of our customers, and this focus will continue to drive our performance over the long term.”

Chief Financial Officer John Shrewsberry said, “This was a strong quarter for Wells Fargo and again demonstrated the benefits of our diversified business model. Despite the low interest rate environment, revenue and pre-tax pre-provision profit increased linked quarter, and we continued to operate within our target ranges for ROA, ROE, efficiency ratio, and capital return to shareholders. We also remain well positioned to benefit from higher rates in the future, and our balance sheet has never been stronger, with higher levels of capital and liquidity, and improved asset quality.”

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

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