Wells Fargo & Co.

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Other Pre-Announcement

Wells Fargo Reports Q3 2020 Net Income Of $2.0 Billion, Or $0.42 Per Share

Published: 10/14/2020 12:03 GMT
Wells Fargo & Co (WFC) - Wells Fargo Reports Third Quarter 2020 Net Income of $2.0 Billion, Or $0.42 per Diluted Share.
Qtrly Revenue of $18.9 Billion, Down From $22.0 Billion.
Qtrly Net Loan Charge-offs of 0.29% of Average Loans (annualized), Up From 0.27%.
Wells Fargo - Qtrly Average Loans of $931.7 Billion, Down $18.1 Billion, Or 2%.
Wells Fargo - Qtrly Average Deposits of $1.4 Trillion, Up $107.7 Billion, Or 8%.
Qtrly Net Interest Income of $9.4 Billion, Down $2.3 Billion.
Wells Fargo - Qtrly Provision Expense of $769 Million, Up $74 Million.
Qtrly Noninterest Expense of $15.2 Billion, Up $30 Million.
Return on Equity of 4.22% at Quarter-end Versus 9% Reported Last Year.
Qtrly Efficiency Ratio 80.7% Versus 69.1%.
Qtrly Net Interest Margin Was 2.13%, Down 12 Basis Points From the Prior Quarter.
Wells Fargo - Qtrly Common Equity Tier 1 (cet1) Ratio of 11.4%, Up From 11.0% in Second Quarter 2020.
CEO Says Third Quarter Results Reflect the Impact of Aggressive Monetary and Fiscal Stimulus on the U.S. Economy.
Wells Fargo - Qtrly Pre-tax Results Were Impacted by $961 Million of Customer Remediation Accruals.
Q3 Results Included $718 Million Restructuring Charge, Predominantly Related to Severance Expense.
CEO Says Strong Mortgage Banking Fees, Higher Equity Markets, Declining Sequential Charge-offs Positively Impacted Our Q3 Results.
at September 30, Acl for Loans, Including the Allowance for Unfunded Commitments, Totaled $20.5 Billion, Relatively Flat Versus June 30.