Originally published at www.seclive.com
Wells Fargo & Company (NYSE:WFC) announced its first quarter financial results for the 2014 fiscal year, posting results that beat analyst expectations. The bank, which maintained strict control over its expenses, coupled with lower loan losses, posted a 14% rise in profit to $5.9B and $1.05 per share, beating analyst expectations of $0.96 per share. Revenue fell from $21.3B to $20.6B, with mortgage originations falling 28% from the sequential quarter to $36B. Despite a decrease in mortgage lending, the company's loan portfolio grew slightly by $4.2B to $826.4B on increases in auto loans and commercial real estate. CEO John Stumpf remarked that the company's diversified business resulted in great benefit to shareholders. Wells Fargo has largely succeeded in avoiding negative press, unlike many of its competitors, so when it announced its CFO was stepping down to take charge of the wholesale banking business, investors had little reaction.
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