Wednesday
September
17
2014
10:32 pm
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

Wells Fargo profit edges up 3 percent in quarter
July 11, 2014, 05:00 AM The Associated Press

Wells Fargo said its second-quarter profit edged up 3 percent, helped by higher deposit balances and a drop in the amount of loans that went bad. Revenue slipped.

The country's largest mortgage lender said early Friday that net income rose to $5.42 billion for the three months ending in June, up from $5.27 billion a year earlier. That's after taking out dividends for preferred stock.

Revenue declined 1 percent to $21.1 billion over the year. That was better than the $20.8 billion analysts had expected, according to the data provider FactSet.

Measured for every share, quarterly earnings were $1.01, exactly what analysts had forecast.

Wells Fargo funded $47 billion worth of mortgages in the first quarter, a steep drop from the $112 billion in home loans made a year earlier. Total loans crept up 4 percent to $829 billion, and total average deposits increased 9 percent to $1.1 trillion.

At the same time, Wells Fargo slashed its losses on loans in the second quarter by 52 percent to $717 million. That's down from $1.2 billion the year before.

As the first major bank to post results this earnings season, San Francisco-based Wells Fargo & Co. sets the tone for the rest of the industry. The third-largest U.S. bank by assets has turned a profit in every quarter since 2009.

The bank's stock fell 51 cents, or 1 percent, to $51.30 in premarket trading. Wells Fargo has traded as high as $53.08 and as low as $40.07 over the past year.

 

 

Tags: billion, percent, wells, fargo, quarter, loans,


Other stories from today:

House chairman: $3.7 billion request 'too much'
Ex-chief of California pension fund guilty of bribery
Wells Fargo profit edges up 3 percent in quarter
 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
  


 
 
 
Daily Journal Quick Poll
 
How important is it that your food is organic?

Extremely important
Important
Somewhat important
Not important
In my house, organic; elsewhere, who cares?

 

 
 
 
 
 
 
Dow closes at record after Fed keeps rates intact
NEW YORK — The stock market rose Wednesday after the Federal Reserve told investors to expect low ..
West Nile infected mosquitoes found, multiple cities to be fogged Thursday
Portions of Belmont, Foster City, Redwood City, Redwood Shores and San Mateo will be fogged Thursda..
Iraq premier says no foreign troops
BAGHDAD — Iraq's new prime minister said Wednesday that foreign ground troops are neither necessar..
U.S. homebuilder confidence soars in September
U.S. homebuilders' confidence in the market for new, single-family homes surged this month to the hi..
Shelling in eastern Ukraine kills 2, wounds 3
DONETSK, Ukraine — Shelling in the rebel-held eastern Ukraine city of Donetsk killed two people We..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
San Mateo County order to show cause