Stock Monitor: First Republic Bank Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 19, 2018 / Active-Investors.com has just released a free earnings report on Wells Fargo & Co. (NYSE: WFC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WFC. The Company posted its financial results on January 12, 2018, for the fourth quarter fiscal 2017. The Company's EPS surpassed analysts' expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for First Republic Bank (NYSE: FRC), which also belongs to the Financial sector as the Company Wells Fargo. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Wells Fargo most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For three months ended December 31, 2017, Wells Fargo's revenues increased 2.2% to $22.05 billion from $21.58 billion in Q4 FY16. The Company's revenue was below analysts' expectations of $22.38 billion.
For the reported quarter, the Company's total interest income increased 6% to $14.96 billion from $14.06 billion in Q4 FY16. For the reported quarter, the Company's total interest expense increased 60% to $2.65 billion from $1.66 billion in Q4 FY16. For the reported quarter, the Company's net interest income decreased 1% to $12.31 billion from $12.40 billion in Q4 FY16.
During Q4 FY17, the Company's net interest margin was 2.84% compared to 2.87% in the fourth quarter of 2016.
For the reported quarter, the Company's total non-interest income increased 6% to $9.74 billion from $9.18 billion in Q4 FY16. For the reported quarter, the Company's salaries expense increased 5% to $4.40 billion from $4.19 billion in Q4 FY16. For the reported quarter, the Company's employee benefits expense increased 17% to $1.29 billion from $1.10 billion in Q4 FY16. For the reported quarter, the Company's total non-interest expense increased 27% to $16.80 billion from $13.22 billion in Q4 FY16.
During Q4 FY17, Wells Fargo's earnings before tax (EBT) decreased 39% to $4.60 billion from $7.56 billion in the same period last year.
For the reported quarter, Wells Fargo's net income increased 18% to $5.74 billion on a y-o-y basis from $4.87 billion in Q4 FY16. During Q4 FY17, the Company's diluted EPS increased 21% to $1.16 on a y-o-y basis from $0.96 in the same period last year. Diluted EPS surpassed analysts' expectations of $1.07.
Asset Quality
During Q4 FY17, Wells Fargo's non-performing assets decreased 23.6% to $8.68 billion from $11.36 billion in the same period last year. For the reported quarter, the Company's non-performing assets to total loans ratio was 0.91% compared to 1.17% in Q4 FY16.
For the reported quarter, the Company's allowance for credit losses to total loans ratio was 1.25% compared to 1.30% in Q4 FY16.
Wells Fargo's Segment Details
Community Banking - During Q4 FY17, the Company's community banking segment's net interest income decreased 0.3% to $7.54 billion from $7.56 billion in the same period last year. For the reported quarter, the segment's non-interest income increased 9.4% to $4.49 billion from $4.11 billion in Q4 FY16. For the reported quarter, the segment's net income surged 34.4% to $3.67 billion from $2.73 billion in Q4 FY16.
Wholesale Banking - During Q4 FY17, the wholesale banking segment's net interest income decreased 2.6% to $4.21 billion from $4.32 billion in the same period last year. For the reported quarter, the segment's non-interest income increased 1.9% to $2.88 billion from $2.83 billion in Q4 FY16. For the reported quarter, the segment's net income decreased 2.1% to $2.15 billion from $2.19 billion in Q4 FY16.
Wealth and Investment Management - During Q4 FY17, the wealth and investment management segment's net interest income increased 6.8% to $1.13 billion from $1.06 billion in the same period last year. For the reported quarter, the segment's non-interest income increased 5.3% to $3.17 billion from $3.01 billion in Q4 FY16. For the reported quarter, the segment's net income increased 0.9% to $659 million from $653 million in Q4 FY16.
Balance Sheet
As on December 31, 2017, Wells Fargo's cash and due from banks increased 13% to $23.37 billion from $20.73 billion on December 31, 2016. For the reported quarter, the Company's long-term debt decreased 12% to $225.02 billion from $255.08 billion in Q4 FY16.
For the reported quarter, the Company's loans decreased 1% to $956.77 billion from $967.70 billion in the fourth quarter of 2016. For the reported quarter, the Company's total deposits increased 2% to $1.34 trillion from $1.31 trillion in Q4 FY16.
For the reported quarter, the Company's book value per share was $37.44 compared to $36.92 in Q4 FY16. For the reported quarter, the Company's tangible book value per share was $31.43 compared to $30.99 in Q4 FY16.
Stock Performance Snapshot
January 18, 2018 - At Thursday's closing bell, Wells Fargo's stock marginally climbed 0.11%, ending the trading session at $63.95.
Volume traded for the day: 15.94 million shares.
Stock performance in the last month – up 6.81%; previous three-month period – up 20.23%; past twelve-month period – up 17.84%; and year-to-date – up 5.41%
After yesterday's close, Wells Fargo's market cap was at $316.46 billion.
Price to Earnings (P/E) ratio was at 16.54.
The stock has a dividend yield of 2.44%.
The stock is part of the Financial sector, categorized under the Money Center Banks industry.
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