Wells Fargo sign in New York City on May 5, 2021.
Bill Tompkins | Michael Ochs Archive | Getty Images
Wells Fargo On Thursday, a surge in profits was recorded in the third quarter, boosted by the release of credit loss reserves as the recovery from the pandemic accelerated in 2021.
Bank stocks rose about 1% in pre-market transactions after the earnings announcement. Here’s how we compared it to the Wall Street quote for the third quarter:
- Net income: $ 5.1 billion, up 59% from $ 3.2 billion in the year-ago quarter.
- According to Refinitiv, earnings per share: $ 1.22 per share, above the adjusted consensus estimate of 99 cents per share.
- Revenue: $ 18.83 billion compared to a $ 18.85 billion consensus estimate.
The bank said in a statement that the release of a $ 1.65 billion reserve boosted the outcome and resulted in a $ 1.4 billion profit after the charge-off. Wells Fargo continued to release the funds it had set aside to protect it from widespread bad debt losses during the pandemic.
According to the Office of the Comptroller of the Currency, banks have paid a $ 250 million fine for “unsafe or unhealthy practices” associated with loan change programs.
“We are another company today and we are far better than ever due to the operational and cultural changes we have made,” Charlie Schaff, CEO, said in a statement Thursday. You can now do it with discipline. ” “We believe we have made great strides and are confident in our ability to continue to fill the remaining gaps over the next few years, but we may continue to retreat along the way.”
Wells Fargo saw a 5% decrease in net interest income, primarily due to increased Soft On Demand and down payments and the impact of lower yields on asset returns.
Wells Fargo repurchased 114.2 million shares, or $ 5.3 billion in common stock, in the third quarter of 2021. Banks also increased their common stock dividend from 10 cents per share in the previous quarter to 20 cents.
Banks $ 72.6 million Settle government proceedings Banks accused them of fooling hundreds of commercial customers, revealing last month’s submission. Wells admitted that it overcharged 771 companies in foreign exchange transactions from 2010 to 2017.
Wells Fargo’s share has risen by more than 50% this year, backed by an economic recovery after losing more than 40% in 2020.
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Wells Fargo WFC Revenues Q3 2021
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The post Wells Fargo WFC Revenues Q3 2021 appeared first on Eminetra.