Wells Fargo shares slip in premarket even as earnings blow by target
Wells Fargo & Co. WFC, -1.37% said Tuesday it had net income of $6.2 billion, or $1.30 a share, in the second quarter, up from $5.2 billion, or 98 cents a share, in the year-earlier period. Revenue was unchanged at $21.6 billion. The FactSet consensus was for EPS of $1.17 and revenue of $20.9 billion. Net interest income fell to $12.1 billion from $12.
5 billion. Provisions for loan losses came to $503 million, up $51 million from a year ago. Noninterest income came to $9.5 billion, up from $9.01 billion a year ago. Mortage banking income came to $758 million, down from $770 million a year ago. Shares fell 0.2% premarket and have gained 1.4% in 2019 through Monday, while the S&P 500 SPX, +0.02% has gained 20.2%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Wells Fargo CEO: 'This is the time' for bank acquisitionsFormer Wells Fargo CEO Richard Kovacevich says the depressed valuations for banks and other financial firms mean 'this is the time' for acquisitions and mergers in the industry.
Read more »
Stock futures flat after JPMorgan results; Goldman Sachs, Wells Fargo eyedU.S. stock futures were trading flat on Tuesday as investors parsed through the ...
Read more »
Former Wells Fargo CEO: 'This is the time' for bank acquisitionsFormer Wells Fargo CEO Richard Kovacevich says the depressed valuations for banks and other financial firms mean 'this is the time' for acquisitions and mergers in the industry.
Read more »
Stock futures flat after JPMorgan results; Goldman Sachs, Wells Fargo eyedU.S. stock futures were trading flat on Tuesday as investors parsed through the ...
Read more »
JPMorgan profit beats estimates on lending strength; net interest margin dipsJPMorgan Chase & Co reported a better-than-expected quarterly profit on Tuesday ...
Read more »
Citigroup profit beats estimates on gains in consumer lendingCitigroup Inc beat analysts' estimates for quarterly profit on Monday, as a...
Read more »