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BRIEF-Wells Fargo & Co Q3 earnings per share $1.03
October 14, 2016 / 12:42 PM / a year ago

BRIEF-Wells Fargo & Co Q3 earnings per share $1.03

Oct 14 (Reuters) - Wells Fargo & Co :

* Wells Fargo reports $5.6 billion in quarterly net income

* Q3 earnings per share $1.03

* Q3 earnings per share view $1.01 -- Thomson Reuters I/B/E/S

* Quarterly revenue rose 2 percent to $22.3 billion

* Quarter-end common equity Tier 1 ratio (fully phased-in) 10.7 percent versus 10.6 percent at previous quarter-end

* Qtrly total average loans of $957.5 billion, up $62.4 billion

* John Stumpf forfeited unvested equity awards valued at approximately $41 million

* Net interest income in Q3 2016 increased $219 million from Q2 2016 to $12.0 billion

* Quarter-end return on equity of 11.60 percent versus 11.70 percent at Q2-end

* Carrie Tolstedt has left company; will receive no severance; has forfeited unvested equity awards valued at approximately $19 million

* Qtrly net interest margin was 2.82 percent, down 4 basis points from Q2 2016

* Qtrly net charge-offs of $805 million, up $102 million from third quarter 2015

* Qtrly mortgage banking noninterest income was $1.7 billion, up $253 million from Q2 2016

* John Stumpf, Carrie Tolstedt will not receive a bonus for 2016

* Eliminated product sales goals for Retail Banking team members as of October 1, 2016

* Qtrly residential mortgage loan originations were $70 billion in Q3, up from $63 billion in Q2

* Qtrly net charge-offs were 0.33 percent of average loans (annualized), up from 0.31 percent

* Expanding scope of customer account review and remediation to include 2009 and 2010

* Independent directors have retained Shearman & Sterling law firm to assist in investigation

* “Implemented procedures to send customers a confirmation email approximately an hour after opening any deposit account”

* Wells fargo President and CEO Tim Sloan says “I am deeply committed to restoring trust of all of our stakeholders”

* Implemented procedures to send customers an acknowledgement letter after submitting a credit card application

* Q3 revenue view $22.21 billion -- Thomson Reuters I/B/E/S

* Qtrly nonperforming assets decreased $1.1 billion from Q2 2016 to $12.0 billion

* “We will continue to monitor impacts from recent sales practice settlements to our business activity levels.”

* Total loans were $961.3 billion at September 30, 2016, up $4.2 billion from June 30, 2016

* Quarter-end total assets under management of $498 billion, up 4 percent from prior year

* Qtrly “credit results improved from prior period led by strong performance in consumer real estate and improvements in our oil and gas portfolio”

* Retail banking household cross-sell ratio as of aug 2016 of 6.25 products per household, compared with 6.33 year-over-year

* Maximum impact of 2.1 million potentially unauthorized accounts to reported cross-sell ratio metric in any one quarter was 0.02 products per household or 0.3 percent Source text for Eikon: Further company coverage:

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