January 12, 2018 / 1:30 PM / 11 days ago

BRIEF-Wells Fargo Reports Q4 Net Income Of $6.2 Bln

Jan 12 (Reuters) - Wells Fargo & Co:

* WELLS FARGO REPORTS FOURTH QUARTER 2017 NET INCOME OF $6.2 BILLION; DILUTED EPS OF $1.16

* - NET INTEREST INCOME IN Q4 2017 WAS $12.3 BILLION, DOWN $136 MILLION, COMPARED WITH Q3 2017

* - QTRLY NET INTEREST MARGIN WAS 2.84 PERCENT, DOWN 2 BASIS POINTS FROM Q3 2017

* - TOTAL AVERAGE LOANS WERE $951.8 BILLION IN THE FOURTH QUARTER, DOWN $521 MILLION FROM THE THIRD QUARTER‍​

* - QTRLY MORTGAGE BANKING NONINTEREST INCOME WAS $928 MILLION, COMPARED WITH $1.0 BILLION IN Q3 2017

* - RESIDENTIAL MORTGAGE LOAN ORIGINATIONS WERE $53 BILLION IN Q4, DOWN FROM $59 BILLION IN Q3

* - Q4 2017 FINANCIAL RESULTS INCLUDED $3.35 BILLION AFTER-TAX BENEFIT, OR $0.67 PER SHARE, FROM TAX CUTS & JOBS ACT

* - COMMON EQUITY TIER 1 RATIO (FULLY PHASED-IN) OF 11.9 PERCENT AT QUARTER-END VERSUS 11.8 PERCENT AT Q3-END

* - RETURN ON EQUITY OF 12.47 PERCENT AT QUARTER-END VERSUS 8.96 PERCENT AT Q3-END

* - QTRLY REVENUE $22.1 BILLION VERSUS $21.6 BILLION

* - QTRLY NONPERFORMING ASSETS DECREASED $647 MILLION, OR 7 PERCENT, FROM THIRD QUARTER 2017 TO $8.7 BILLION‍​

* Q4 REVENUE VIEW $22.38 BILLION -- THOMSON REUTERS I/B/E/S

* - Q4 2017 RESULTS INCLUDED $848 MILLION PRE-TAX GAIN, OR $0.11 PER SHARE, ON SALE OF WELLS FARGO INSURANCE SERVICES USA

* - Q4 2017 RESULTS INCLUDED $3.25 BILLION PRE-TAX EXPENSE FROM LITIGATION ACCRUALS FOR A VARIETY OF MATTERS

* WELLS FARGO - EXPENSE FOR LITIGATION ACCRUALS IN Q4 INCLUDED MORTGAGE-RELATED REGULATORY INVESTIGATIONS, SALES PRACTICES, AND OTHER CONSUMER-RELATED MATTERS

* - NET CHARGE-OFFS OF 0.31 PERCENT OF AVERAGE LOANS, DOWN FROM 0.37 PERCENT AS OF DEC 31, 2017

* - REMAIN COMMITTED TO TARGET OF $2 BILLION OF EXPENSE REDUCTIONS BY END OF 2018 AND ADDITIONAL $2 BILLION BY END OF 2019

* WELLS FARGO - BEGINNING 2019, EXPECT AMORTIZATION OF CORE DEPOSIT INTANGIBLE EXPENSE ($769 MILLION IN 2018) AND FDIC SPECIAL ASSESSMENT TO BE COMPLETE

* Q4 EARNINGS PER SHARE VIEW $1.07 -- THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:

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