Wells Fargo Earns $1.02 per Share for Q4

Earnings season has begun for our Buy List. The lead-off batter is Wells Fargo ($WFC). This morning, the big bank reported Q4 earnings of $1.02 per share. That matched Wall Street’s forecast. Net income rose slightly, from $5.37 billion to $5.38 billion.

Looking at the top line, WFC’s revenue rose 4% to $21.44 billion. The Street had been expecting $21.24 billion. The bank benefited from loan growth. Total average loans rose 4% to $849.4 billion. On the downside, Wells said that expenses rose to the highest level in two years.

WFC’s net interest margin, the key metric for any bank, fell a bit to 3.04%. For the whole year, Wells had net income of $21.82 billion on revenue of $84.35 billion. That’s an increase of 4% and 1%, respectively. The bank earned $4.10 per share in 2014.

Overall, this was an OK earnings report. Wells continues to do well, but the environment is less friendly towards banking.

Posted by on January 14th, 2015 at 11:33 am


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