Wednesday
August
24
2016
9:26 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
 
 
 
 
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'
Iraqi Kurds take over two northern oil fields
Ex-chief of California pension fund guilty of bribery
Wells Fargo profit edges up 3 percent in quarter
U.S. given heads up about newspaper data destruction
LeBron James says he's returning to Cavaliers
 

 
Print this Page Print this Page  | 
<< Back
 
 
  


 
 
 
Daily Journal Quick Poll
 
If a self-driving car taxi service started in San Mateo County, would you use it?

Yes, without a doubt
If the price was right
If it took me anywhere I wanted to go
I'd rather drive my own car
I'd use my own self-driving car first
No way

 

 
 
 
Italy earthquake kills at least 159, reduces towns to rubble
AMATRICE, Italy — Rescue crews using bulldozers and their bare hands raced to dig out survivo..
Jackpot: Scientists find Earth-like planet at star next door
WASHINGTON — After scanning the vast reaches of the cosmos for Earth-like planets where life might..
Volatile mix in Syria war puts new strain on US strategy
WASHINGTON — The U.S. military picture in Syria is getting more chaotic and complicated by the day..
More >>  
 
 
  
 
  
 
©2016 San Mateo Daily Journal
San Mateo County help wanted