Tuesday, 23 April, 2019

Wells Fargo's 1Q profits rise 14%, beating analyst forecasts

Principal Financial to purchase Wells Fargo’s retirement unit for $1.2 Wells Fargo beats 1Q earnings estimates amid new CEO search
Russell Knight | 13 April, 2019, 15:01

Although Wells Fargo topped revenue estimates, the bank's revenue still declined year-over-year from Dollars 21.9 Billion.

But on an adjusted basis, the bank earned $1.03 per share, short of analyst expectations for an adjusted profit of $1.09 per share, according to IBES data from Refinitiv. Articles appear on euronews.com for a limited time.

The lowered outlook comes at a time of uncertainty for the fourth-largest USA lender following the abrupt departure of former Chief Executive Tim Sloan last month.

JPMorgan's news release included positive commentary on the United States economy, although the bank did boost its provisions for credit losses following downgrades on some commercial and industrial clients. Presently, the 14-day ATR for Wells Fargo & Company (NYSE:WFC) is spotted at 0.91.

Earlier this year, the bank said it expects to operate under the asset cap, imposed by the U.S. Federal Reserve, until the end of 2019.

"If the revenue base keeps splitting down, I'm afraid that some of your loyal shareholders are going to start to exit before you have a new leadership in place", Bank of America analyst Erika Najarian said. He did not give a timetable for when a new CEO might be announced. Shares are at -2.91% over the previous week and -4.37% over the past month.

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Shrewsberry on Friday reaffirmed that Wells Fargo was on track to hit its 2019 cost target.

Net income was $9.2 billion, up 5.4 percent from the year-ago period. Goldman Sachs Group lowered shares of Wells Fargo & Co from a "conviction-buy" rating to a "neutral" rating in a report on Friday. Revenue increased 4 percent from 2018's first quarter, though trading revenue fell by nearly one-fifth.

David Long, managing director of equity research at Raymond James & Associates, also noted that noninterest income came in lower than expected in the quarter and loan growth was pressured by declines in all categories except commercial real estate. Fees from mortgage banking, a bread-and-butter product for Wells Fargo, fell 24% to $708 million in the first quarter from $934 million a year earlier.

Our financial results included continued strong credit performance and high levels of liquidity.

Net interest income edged up by 0.8% versus the comparable period of 2018 to $12.3bn, while so-called market-sensitive revenues bounded ahead to $1.3bn, against $0.4bn the last time around. The decrease from a year prior was due to a decline in the bank's noninterest income, which fell to United States dollars 9.3 Billion. Non-interest expense fell 7.3% to $13.9 billion.

Revenue: $21.77 billion versus $21 billion expected. When E (EPS) increase, P (Market Price) will also raise, but it is point worth mentioning that, EPS of company is reported once every quarter. Average loans also decreased to United States dollars 950.1 Billion, falling by USD 876 Million a year prior. The bank's efficiency ratio was also 64.4% for the quarter, also above estimates.

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