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BRIEF-Wells Fargo reports 4th-qtr earnings of $0.96 per share
January 13, 2017 / 2:07 PM / in 6 months

BRIEF-Wells Fargo reports 4th-qtr earnings of $0.96 per share

2 Min Read

Jan 13 (Reuters) - Wells Fargo & Co :

* Wells Fargo reports $5.3 billion in quarterly net income

* Reports Q4 revenue of $21.6 billion, flat year-over-year

* Q4 earnings per share $0.96

* Q4 earnings per share view $1.00 -- Thomson Reuters I/B/E/S

* Q4-end return on equity of 10.94 percent versus 11.60 percent at Q3-end

* Q4-end Common Equity Tier 1 ratio (fully phased-in) of 10.7 percent versus 10.7 percent at Q3-end

* Total loans were $967.6 billion at December 31, 2016, up $6.3 billion from September 30, 2016

* Qtrly total average loans of $964.1 billion, up $51.9 billion, or 6 percent

* Qtrly mortgage banking noninterest income was $1.4 billion, compared with $1.7 billion in Q3 2016

* Net interest income in Q4 2016 increased $450 million from Q3 2016 to $12.4 billion

* Credit losses were $905 million in Q4 2016, up $100 million, from Q3 2016

* Qtrly net interest margin was 2.87 percent, up 5 basis points from Q3 2016

* Residential mortgage loan originations were $72 billion in Q4, up from $70 billion in Q3

* Qtrly nonperforming assets decreased $644 million from Q3 2016 to $11.4 billion

* Credit results were stable in Q4 and overall credit quality continued to be driven by strong performance in commercial and consumer real estate portfolios

* Wells Fargo CFO says "Wells Fargo had solid underlying performance in Q4 as we continued to benefit from our diversified business model"

* Continued improvement in residential real estate and stabilization in oil and gas industry conditions drove a $100 million reserve release in Q4

* Wells Fargo CEO Sloan says "pleased" with progress made in customer remediation and review of sales practices, says "we have more work to do"

* Net hedge accounting losses in Q4 2016 were driven by a sharp increase in certain interest rates and foreign currency fluctuations Source text for Eikon: Further company coverage:

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