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Wells Fargo & Company Message Board

  • bluecheese4u bluecheese4u Oct 12, 2012 8:26 AM Flag

    WELLS FARGO REPORTS RECORD QUARTERLY NET INCOME ~ Q3 Net Income of $4.9 billion; EPS of $0.88, Up 22% from Prior Year

    WELLS FARGO REPORTS RECORD QUARTERLY NET INCOME

    Q3 Net Income of $4.9 billion; EPS of $0.88, Up 22 Percent from Prior Year

    Friday, October 12, 2012

    • Continued strong financial results:
    o Record Wells Fargo net income of $4.9 billion, up 27 percent (annualized) from prior quarter
    o Record diluted earnings per common share of $0.88, up 29 percent (annualized) from prior quarter
    o Pre-tax pre-provision profit (PTPP)1 of $9.1 billion, up 9 percent (annualized) from prior quarter
    o Revenue of $21.2 billion, compared with $21.3 billion in prior quarter
    o Noninterest expense of $12.1 billion, down $285 million from prior quarter; 57.1 percent efficiency ratio
    o Return on average assets (ROA) of 1.45 percent, up 4 basis points from prior quarter
    o Return on equity (ROE) of 13.38 percent, up 52 basis points from prior quarter
    • Strong deposit and loan growth:
    o Total average core checking and savings deposits up $16.9 billion from prior quarter
    o Total loans of $782.6 billion, up $7.4 billion from prior quarter
    o Core loan portfolio up $11.9 billion from prior quarter2
    • Maintained strong capital position:
    o Tier 1 common equity3 under Basel I increased $4.1 billion to $105.8 billion, with Tier 1 common equity ratio of 10.06 percent under Basel I at September 30, 2012. Estimated Tier 1 common equity ratio of 8.02 percent under current Basel III capital proposals4
    o Purchased approximately 17 million shares of common stock in third quarter 2012 and an additional estimated 9 million shares through a forward repurchase transaction expected to settle in fourth quarter 2012
    • Solid underlying credit quality:
    o Net charge-offs of $2.4 billion, or 1.21 percent (annualized) of average loans, including $567 million of net charge-offs from the implementation of newly issued regulatory guidance5

    1 See footnote (2) on page 16 for more information on pre-tax pre-provision profit.
    2 See table on page 4 for more information on core and non-strategic/liquidating loan portfolios.
    3 See tables on page 38 for more information on Tier 1 common equity.
    4 Estimated based on management’s current interpretation of the Basel III capital rules proposed by federal banking agencies in notices of proposed rulemaking announced in June 2012. The proposed rules and interpretations and assumptions used in estimating Basel III calculations are subject to change depending on final promulgation of Basel III capital rules.
    5 Office of the Comptroller of the Currency update to Bank Accounting Advisory Series issued third quarter 2012 (OCC guidance) which requires write-down of performing consumer loans restructured in bankruptcy to collateral value. See pages 5-7, including footnote 6, for additional information regarding the implementation of the OCC guidance and its effect on our third quarter credit metrics.

    o Excluding the impact of the OCC guidance, net charge-offs of $1.8 billion or 0.92 percent (annualized) of average loans
    o Provision for credit losses was $767 million lower than net loan charge-offs due to two factors:
     $567 million increase in net loan charge-offs from the implementation of the OCC guidance (fully covered by loan loss reserves)
     $200 million (pre-tax) reserve release due to continued strong underlying credit performance, compared with $400 million in prior quarter

    wellsfargo

    3Q12 Quarterly Supplement

    wellsfargo

 
WFC
55.34-0.13(-0.23%)Dec 24 1:00 PMEST

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