Wells Fargo & Co. on Jan. 15 reported 2018 fourth-quarter net income applicable to common shares of $5.71 billion, or $1.21 per share, compared to net income of $5.74 billion, or $1.16 per share, in the fourth quarter of the prior year.
The S&P Global Market Intelligence consensus estimate for GAAP EPS for the 2018 fourth quarter was $1.20.
Total revenue was $20.98 billion, down 4% from the prior quarter and 5% from the year-ago quarter.
The recent quarter's earnings results also included a $614 million gain on the sale of $1.6 billion of Pick-a-Pay purchased credit-impaired mortgage loans.
Average loans increased 1% sequentially and declined 1% year over year to $946.34 billion. Average total deposits remained relatively flat from the third quarter and dropped 3% year over year to $1.269 trillion.
Net income of the company's wholesale banking segment grew 13% to $2.67 billion, while the net income of its wealth and investment management segment increased 2% to $689 million year over year. The company's community banking segment's net income, however, fell 9% year over year to $3.17 billion.
The company's efficiency ratio for the fourth quarter was 63.6%, compared to 62.7% in the previous quarter and 76.2% a year ago.
For full year 2018, the company reported net income of $20.69 billion, or $4.28 per share, compared to net income of $20.55 billion, or $4.10 per share, in the previous year.