Wells Fargo (WFC): Q2 EPS of $0.82 beats by $0.01. Revenue of $21.3B (flat% Y/Y) in-line
Wells Fargo (WFC): Total loans nudge up to $775.2B from $766.5B in Q1. Net charge-offs $2.2B, off $195M from Q1. Net charge-off rate of 1.15%, lowest since 2007 Q3. Reserve release of $400M added just under 10% to Q2 profits. Tier 1 common equity ratio under Basel III of 7.78%.
The company expects Q4 expenses to be higher than the previous target of $11.25B, but says it's because of better revenue momentum, including record levels of mortgage applications. The bank prefers to look at its efficiency ratio, which it expects will remain in the 55-59% range. Shares flat premarket.
Wells Fargo (WFC): Total loans nudge up to $775.2B from $766.5B in Q1. Net charge-offs $2.2B, off $195M from Q1. Net charge-off rate of 1.15%, lowest since 2007 Q3. Reserve release of $400M added just under 10% to Q2 profits. Tier 1 common equity ratio under Basel III of 7.78%.
The company expects Q4 expenses to be higher than the previous target of $11.25B, but says it's because of better revenue momentum, including record levels of mortgage applications. The bank prefers to look at its efficiency ratio, which it expects will remain in the 55-59% range. Shares flat premarket.
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