Wednesday
March
29
2017
7:48 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'
Wells Fargo profit edges up 3 percent in quarter
LeBron James says he's returning to Cavaliers
Ex-chief of California pension fund guilty of bribery
Iraqi Kurds take over two northern oil fields
U.S. given heads up about newspaper data destruction
 

 
Print this Page Print this Page  | 
<< Back
 
 
  


 
 
 
Daily Journal Quick Poll
 
Do you think on-demand ride companies like Uber and Lyft are helping with the area's traffic congestion?

Definitely helping
Helping in some circumstances
Not helping
Would help more if drivers wouldn't clog already congested areas
Not sure

 

 
 
 
 
AP source: Gas tax would help fund California road plan
SACRAMENTO — The governor and legislative leaders want to raise $52 billion to fix California road..
It’s not EU, it’s me: UK files for EU divorce after 44 years
LONDON — Britain filed for divorce from the European Union on Wednesday, with fond words and promi..
Trump vows to step up efforts to combat drug addiction
WASHINGTON — President Donald Trump is vowing to step up efforts to combat the nation’s addictio..
More >>  
 
 
  
 
  
 
©2017 San Mateo Daily Journal
Burlingame news