Wells Fargo has reported a net income of $6bn, or $1.13 per diluted common share, for the quarter of 2018, compared to $4.5bn, or $0.83 per share, for the same period last year.
Image: Wells Fargo in Laredo, Texas. Photo: courtesy of Billy Hathorn at en.wikipedia.
Wells Fargo net income applicable to common stock was $5.45bn, compared to $4.13bn reported in Q3 2017.
Revenue increased slightly to $21.9bn in the quarter, compared to $21.8bn in the year-ago period.
Net interest income in Q3 was $12.6bn, up $31m from the second quarter of 2018. Mortgage banking income was $846m, up from $770m in Q2.
Net income from the community banking segment increased 13% to $2.8bn in the third quarter, while wholesale banking’s net income registered an 8% growth to $2.9bn.
Net income from wealth and investment management increased 64% to $732m. Total average loans were $939.5bn in Q3.
Wells Fargo said total average deposits for Q3 were $1.3 trillion, down $5bn from the prior quarter, as consumers continued to move excess liquidity to higher-rate alternatives.
The company noted that it experienced positive business trends in Q3, including growth in primary consumer checking customers, increased debit and credit card usage, and higher year-over-year loan originations in auto, small business, home equity and personal loans and lines.
Wells Fargo CEO Tim Sloan said: “In the third quarter, we continued to make progress in our efforts to build a better Wells Fargo with a specific focus on our six goals: risk management, customer service, team member engagement, innovation, corporate citizenship and shareholder value.
“We are strengthening how we manage risk and have made enhancements to our risk management framework. We also continued to make progress on customer remediation, which is an important step in our efforts to rebuild trust.”
To better serve its customers and help them succeed financially, the company launched Control Tower, a digital experience that simplifies its customers’ online financial lives, and new Propel Card.
Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 7,950 locations, 13,000 ATMs, the internet and mobile banking.