Wells Fargo (WFC) Tops Q1 EPS by 3c

Wells Fargo (NYSE: WFC) reported Q1 EPS of $1.00, $0.03 better than the analyst estimate of $0.97. Revenue for the quarter came in at $22 billion, versus $22.31 billion reported last year.

• • Net income of $5.5 billion, in line with first quarter 2016
  • Diluted earnings per share (EPS) of $1.00, compared with $0.99
  • Revenue of $22.0 billion
    • Net interest income of $12.3 billion, up $633 million, or 5 percent
  • Total average deposits of $1.3 trillion, up $79.8 billion, or 7 percent, from first quarter 2016
  • Total average loans of $963.6 billion, up $36.4 billion, or 4 percent
    • Quarter-end loans of $958.4 billion, up $11.1 billion, or 1 percent
  • Return on assets (ROA) of 1.15 percent and return on equity (ROE) of 11.54 percent
• Improved credit quality:
  • Provision expense of $605 million, down $481 million, or 44 percent, from first quarter 2016
    • Net charge-offs of $805 million, down $81 million
      • Net charge-offs were 0.34 percent of average loans (annualized), down from 0.38 percent
    • Reserve release1 of $200 million
  • Nonaccrual loans of $9.8 billion, down $2.5 billion, or 20 percent
• Strong capital position:
  • Common Equity Tier 1 ratio (fully phased-in) of 11.2 percent2
  • Period-end common shares outstanding down 79.2 million from first quarter 2016
  • Returned $3.1 billion to shareholders in the first quarter through common stock dividends and net share repurchases

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

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