WFC Stock prices up on Friday, trading at $43.76 as of 01:09 PM EDT as the Q3 results reveal an adverse impact due to litigation costs
As a result of increased interest rates and a focus on expense management, Wells Fargo ( NYSE:WFC ) reported Q3 results that were higher than Wall Street projections on Friday. It is currently keeping an eye on the hazards that increasing interest rates pose as well as geopolitical risks.
EPS increased from $0.82 in Q2 to $1.30 in Q3, exceeding the average estimate of $1.09. Shares of WFC Stock ( NYSE:WFC ) rose 1.3% in premarket trade. The adjusted EPS for the current quarter does not include $2 billion in costs, or $0.45 per share, associated with litigation, customer remediation, and regulatory issues.
In a statement, CEO Charlie Scharf said, “We have been focused on enhancing our earning potential and see the favorable implications of rising interest rates driving significant net interest income growth and our sustained focus on improving operating efficiencies resulting in lower expenses excluding the operating losses above.” “Credit performance is still robust, and we’re investing more in our digital platforms, technological platforms, and a wider range of products,” the company says.
WFC Stock, Financials, EPS
Compared to Q2 and Q1 of last year, total sales increased from $17.0 billion to $19.5 billion, beating the average estimate of $18.78 billion. Non-interest income for the third quarter came in at $7.41 billion, up from $6.83 billion for the second quarter and $9.93 billion for the third quarter of 2016.
From Q2’s $10.2 billio...
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