More on Wells Fargo Q1 results

Revenue of $20.6B fell from $21.3B a year ago. Net interest income of $10.6B fell $188M from Q4, with net interest margin of 3.2% off 7 bps. Noninterest income of $10B up $100M from Q4. Noninterest expense of $11.9B fell $137M Q/Q, $452M from a year ago. Efficiency ratio of 57.9% up 40 bps.

Net income in Community Banking of $3.8B rose 31% Y/Y on revenue of $12.6B which fell 2% (lower mortgage action). Noninterest expense of $6.8B fell 8%, thanks, in part, to job cuts in mortgages.

Wholesale Banking net income of $1.7B fell 15% from a year ago on revenue of $5.6B, off 8%.

Wealth, Brokerage, and Retirement net income of $475M rose 41% from a year ago on revenue of $3.5B, up 8%.

Common Equity Tier 1 ratio under Basel III of 11.36%.

CC at 10 ET

WFC +0.5% premarket

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Comments (1)
  • Oguz Erkol
    , contributor
    Comments (115) | Send Message
    Out of four giant banks, Wells Fargo has been the one with a great potential to the upside and my top pick. I think we will clearly see the effects of the economic recovery on this stock. I expect it to be a strong buy for the next couple of years.
    12 Apr 2014, 10:57 AM Reply Like
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