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.
