Wells Fargo slips after mixed earnings report

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Net interest income of $10.7B unchanged from Q2, with net interest margin off 8 bps to 3.38%.

Noninterest income of $9.7B falls 8.5% from Q2, with mortgage banking income of $1.6B falling 43%. Residential mortgage originations of $80B fell from $112B. Noninterest expense falls $153M to $12.1B. The efficiency ratio of 59.1% is up from 57.3% in Q2.

Credit losses of just $975M vs. $2.4B a year ago.

Repurchases of 50.9M shares in Q3.

Tier 1 common equity ratio of 10.64%.

CC at 10 ET.

WFC -1.9% premarket.