Wells Fargo (WFC) Tops Q1 EPS by 11c

Wells Fargo (NYSE: WFC) reported Q1 EPS of $1.23, $0.11 better than the analyst estimate of $1.12. Revenue for the quarter came in at $20.73 billion versus the consensus estimate of $20.12 billion.

Chief Executive Officer Charlie Scharf commented, “We had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives. Delinquencies and net charge-offs continued to slowly increase, as expected. Our CET1 ratio, which was already strong, increased and we

resumed our repurchase program, buying back $4 billion in common stock.”
“We are glad to have been in a strong position to help support the U.S. financial system during the recent events that impacted the banking industry. Regional and community banks are an important part of our financial system and are uniquely positioned to serve their customers and communities. We believe our own franchise offers many benefits including operating at a broad scale with a large branch network. Our customers benefit from our size and the range of banking services we provide, which helps us build a full relationship with individuals and companies. Our diversified business model, strong capital position, mix of deposits, access to funding sources, and continued focus on financial and credit risk management allow us to support our customers throughout economic cycles,” Scharf added.

“Looking ahead, we continue to move forward on our risk and control agenda, which is our top priority. While we have made progress, our work is not done, and we remain focused on completing the work in a timely fashion. At the same time, we are executing on our other strategic objectives, including developing improved products and services to better serve our customers, investing in our communities, and generating appropriate risk-adjusted returns,” Scharf concluded.

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

You May Also Be Interested In

• O'Reilly Automotive (ORLY) Misses Q1 EPS by 7c, Offers Guidance
• ServiceNow (NOW) stock falls as refreshed subscription outlook trails estimates
• Pennymac Financial Services (PFSI) Misses Q1 EPS by 153c