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Wells Fargo reports 36% growth in Q3 EPS YOY

Wells Fargo & Co. on Oct. 12 reported third-quarter net income applicable to common stock of $5.45 billion, or $1.13 per share, up from net income of $4.13 billion, or 83 cents per share, in the third quarter of 2017.

The S&P Global Market Intelligence consensus mean estimate for third-quarter GAAP was $1.19 per share.

Total average loans were $939.46 billion in the most recent quarter, compared to $944.08 billion in the previous quarter and $952.34 billion in the year-ago quarter. Total average deposits for the third quarter were $1.266 trillion, down from $1.271 trillion in the second quarter and $1.306 trillion in the year-ago quarter.

Revenues for the quarter totaled $21.94 billion in the third quarter, compared to $21.85 billion in the year-ago quarter.

The efficiency ratio was 62.7% in third quarter, compared to 64.9% in the previous quarter and 65.7% in the prior-year quarter.

The company's net interest margin for the most recent quarter was 2.94%, compared to 2.93% in the linked quarter and 2.86% in the third quarter of 2017.

Wells Fargo reported net loan charge-offs of $680 million for the third quarter, compared to $602 million in the second quarter and $717 million in the third quarter of 2017.

Provision for credit losses was $580 million in the third quarter, compared to $452 million in the previous quarter and $717 million a year earlier.

At the end of the third quarter, nonperforming assets totaled $7.58 billion, compared to $7.99 billion at the end of the second quarter and $9.33 billion at the end of the third quarter of 2017.