Wells Fargo's stock up 2% as third-quarter earnings top estimates by a wide margin

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 97%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

Bank beats profit and revenue estimates in latest quarter

Wells Fargo & Co.’s stock jumped 2% early Friday, after the bank swept past earnings estimates for the third quarter.

The bank posted net income of $5.767 billion, or $1.48 a share, for the quarter, up from $3.592 billion, or 86 cents a share, in the year-earlier period.The FactSet consensus was for EPS of $1.24 and revenue of $20.086 billion. “Our revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses,” Chief Executive Charlie Scharf said in a statement.

“Expenses declined from a year ago due to lower operating losses. While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly,’ he added.

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 3. in FR
 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Bank earnings kick off with JPMorgan, Wells Fargo amid concerns about rising rates, bad loansHigher rates are expected to lead to a jump in losses on banks’ bond portfolios and contribute to funding pressures.
La source: nbcsandiego - 🏆 524. / 51 Lire la suite »

Bank earnings kick off with JPMorgan, Wells Fargo amid concerns about rising rates, bad loansHigher rates are expected to lead to a jump in losses on banks’ bond portfolios and contribute to funding pressures.
La source: nbcchicago - 🏆 545. / 51 Lire la suite »

Are High Rates Taking a Toll on Consumers? Bank Earnings Will Provide a ClueJPMorgan, Wells Fargo and Citigroup are set to kick off third-quarter bank results Friday
La source: WSJ - 🏆 98. / 63 Lire la suite »

JPMorgan, Wells Fargo, Activision, Dollar General, Smart Global, and More Market MoversJPMorgan Chase, Wells Fargo, and Citigroup are scheduled to report quarterly earnings Friday, Microsoft's $75 billion acquisition of Activision Blizzard is...
La source: MarketWatch - 🏆 3. / 97 Lire la suite »