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Wells Fargo Profit Rises on Robust Loan Growth
The fourth-largest U.S. lender exceeded analyst expectations with earnings of $1.87 per share, driven by loan growth and reinvestment into higher-yielding assets.
- On Tuesday, Wells Fargo reported third-quarter net income of $5.95 billion, or $1.87 per share, as the fourth-largest US lender posted profit gains driven by loan book growth and higher interest income.
- Wells Fargo's net interest income rose 5% to $12.52 billion, supported by the Federal Reserve removing a years-long regulatory cap on the bank's assets, allowing greater deployment of its balance sheet.
- CEO Charlie Scharf stated the bank is "benefitting from the broad-based economic strength" in the U.S., tapping credit cards and auto loans to grow its consumer loan book amid healthy spending trends.
- CFO Mike Santomassimo struck an upbeat tone last month on loan growth forecasts, signaling that credit and spending trends remain healthy despite concerns that higher costs could squeeze household budgets.
- Despite strong earnings, banking stocks have sold off recently as investors turn cautious on the prospect of continued Federal Reserve rate hikes dampening economic activity and bank profitability.
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Strong credit business brings Wells Fargo profit plus +++ Schaeffler – sales stagnate +++ Fragrant manufacturer Givaudan grows stronger than expected +++ The newsblog.
·Düsseldorf, Germany
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Wells Fargo: Q3 Earnings Snapshot – WTOP News
SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Wells Fargo & Co. (WFC) on Tuesday reported third-quarter net income of $5.95 billion. The company, based in San Francisco, said it had earnings of $1.87 per share. The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for...
·Chevy Chase, United States
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Coverage Details
Total News Sources13
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 16%
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