Arab Today, arab today wells fargo profits rise despite revenue drop
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

Wells Fargo profits rise despite revenue drop

Arab Today, arab today

Arab Today, arab today Wells Fargo profits rise despite revenue drop

New York - AFP

US banking giant Wells Fargo Tuesday reported a 10.5 percent rise in earnings as improving credit quality and growth in overall loans offset lower mortgage revenues. Wells Fargo, known as the nation's largest mortgage lender, said net income for the fourth quarter came in at $5.4 billion on revenues of $20.7 billion, up from $4.9 billion on revenues of $21.9 billion. That translated into per-share earnings of $1.00, two cents above analyst expectations. Overall loans rose $26.2 billion to $825.8 billion, with growth in most categories. Total average deposits for the fourth quarter were $1.1 trillion, up nine percent from a year ago, the nation's fourth-largest bank said. "Strong earnings power and capital levels, and an improving economic outlook are major reasons why we look ahead to 2014 with optimism," said chief executive John Stumpf. Wells Fargo said credit quality continues to improve, resulting in credit losses of just $963 million, compared with $2.1 billion a year ago. On the downside, Wells Fargo reported an 11 percent drop in revenues from its community banking segment, due to lower mortgage banking revenues. Wells Fargo said home lending originations and applications fell from the previous quarter, while the home lending application pipeline declined to $25 billion from $35 billion at the end of the previous quarter. For the full year 2013, Wells Fargo reported net income of $21.9 billion, up 16 percent from 2012. Wells Fargo shares fell 0.6 percent in premarket trade.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wells fargo profits rise despite revenue drop Arab Today, arab today wells fargo profits rise despite revenue drop

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday