Wells Fargo shares jump after earnings top Wall Street expectations

  • 📰 NBCPhiladelphia
  • ⏱ Reading Time:
  • 63 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 51%

News أخبار

المملكة العربية السعودية أحدث الأخبار,المملكة العربية السعودية عناوين

The San Francisco-based lender posted $11.69 billion in net interest income, a 11% decrease from the same quarter last year.

Shares of the bank rose more than 3% in premarket trading after the results. The better-than-expected earnings came even with a sizeable decline in net interest income, a key measure of what a bank makes on lending.

The San Francisco-based lender posted $11.69 billion in net interest income, marking an 11% decrease from the same quarter last year that was less than the FactSet estimate of $11.9 billion. Wells said the decline was due to higher funding costs amid customer migration to higher-yielding deposit products.

"Our earnings profile is very different than it was five years ago as we have been making strategic investments in many of our businesses and de-emphasizing or selling others," CEO Charles Scharf said in a statement."Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds."Wells saw net income fall to $5.11 billion, or $1.42 per share, in the third quarter, from $5.

The bank set aside $1.07 billion as a provision for credit losses compared with $1.20 billion last year. Wells repurchased $3.5 billion of common stock in the third quarter, bringing the nine-month total to more than $15 billion, which marks a 60% increase from a year ago.This is the cost of carrying too much cash, according to Wells Fargo10-year Treasury yield is little changed as investors await producer prices data

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 569. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين