(CercleFinance.com) – Wells Fargo reported better-than-expected quarterly results on Friday, thanks in particular to the continuation of its cost-cutting dynamic.
The number one mortgage lender in the United States announced this morning a net profit of 5.75 billion dollars, or 1.38 dollars per share, for the 4th quarter, against 3.09 billion (66 cents per share). ) one year earlier.
Its net banking income rose 13% to nearly $20.9 billion.
Analysts on average expected earnings of $1.12 per share for net banking income of around $18.8 billion.
Over the October-December period, its noninterest expense contracted by 11% to less than $13.2 billion, with net interest income climbing by 27% to $11.6 billion.
Charlie Scharf, the chief executive, explains that the American bank benefits, because of the recovery of the economy, of increased spending on the part of consumers, of a rise in its commissions in the investment bank, of a improvement in its performance in wealth management and the solidity of its private equity activity.
After these figures, the action climbed nearly 2% in pre-opening on Wall Street.
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