logo
  Join        Login             Stock Quote

Wells Fargo (WFC) Posts Higher Quarterly Earnings

 July 13, 2012 08:24 AM
 


(By Balaseshan) Wells Fargo & Co. (NYSE:WFC) reported better-than-expected quarterly earnings as lending rose and the amount of bad loans fell.

Net income was $4.6 billion or $0.82 per share for the second quarter, up from $3.9 billion or $0.70 per share in the year-ago quarter. In the first quarter , WFC earned 75 cents a share. Revenue was $21.3 billion, up 4 percent from the same period of last year, while down 1.6 percent from prior quarter.

Analysts, on average, polled by Thomson Reuters expected earnings of $0.81 per share on revenue of $21.35 billion.

As at June 30, total loans were $775.2 billion, compared with $766.5 billion at March 31, 2012. Excluding runoff in the non-strategic/liquidating portfolio of $5.1 billion, loans in the core portfolio grew $13.8 billion in the quarter.

[Related -How bank reserves make the gap between deposits and loans disappear]

Net interest margin was 3.91 percent, down from 4.01 percent in the year-ago period. In the first quarter, net interest margin was 3.91 percent.

Meanwhile, JPMorgan Chase & Co. (NYSE:JPM) reported better-than-expected second quarter revenue. The stock added 0.59 percent in premarket trading on Friday.

JPM earned $5.0 billion or $1.21 per share for the quarter, compared with $5.43 billion or $1.27 per share in the year-ago quarter. Revenue was $22.9 billion, down 16 percent and 14 percent from second quarter last year and prior quarter, respectively. Analysts had expected earnings of $0.72 per share on revenue decline of 20.1 percent to $21.90 million.

[Related -Bank Stocks: The Misbegottenness of the Volcker Rule Truly Knows No Bounds]

JPM also said it will amend interim financial statements for the first quarter of 2012. The restatement, which relates to valuations of certain positions in the synthetic credit portfolio in the firm's Chief Investment Office (CIO), will reduce JPM's net income by $459 million for the first quarter.

Wells Fargo shares, which have been trading between $22.58 and $34.59 over the past year, closed Thursday's regular session down 1.26% at $32.85.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Gold hasn’t lost its allure in my portfolio
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.