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Wells Fargo Jumps as Cost Cuts, Lower Loan Provisions Boost Profits

By Dhirendra Tripathi AiVIF.com – Wells Fargo stock (NYSE:WFC) rose 2.7% on Friday after the lender’s profit and revenue came in ahead of estimates, driven by the CEO’s focus...
Wells Fargo Jumps as Cost Cuts, Lower Loan Provisions Boost Profits © Reuters.

By Dhirendra Tripathi

AiVIF.com – Wells Fargo stock (NYSE:WFC) rose 2.7% on Friday after the lender’s profit and revenue came in ahead of estimates, driven by the CEO’s focus on cutting costs. 

Lower provisioning, higher non-interest income, one-off gains on sale of businesses and higher investment banking fees in a booming market for advisory services also boosted profits.

Net profit soared 86% to $5.8 billion, aided by a $943 million gain from the sale of the bank's corporate trust and asset management units. It was also boosted by lower provisioning because of improving credit quality.

Non-interest expenses fell 11%, to $13 billion, driven by lower personnel costs, as well as smaller restructuring charges and operating losses, capping a year of austerity at the bank under Chief Executive Officer Charlie Scharf’s ambitious plan of $10 billion annual cost savings in the long term.

According to Reuters, Wells Chief Financial Officer Mike Santomassimo said the bank is aiming for an additional $3.3 billion in cost cuts in 2022, as it attempts to have more consumers bank online while reducing its own real estate presence.

Wells Fargo has been operating under a $1.95 trillion asset cap imposed by the Federal Reserve in 2018, which has limited its ability to boost interest income.

"We also remain cognizant that we still have a multiyear effort to satisfy our regulatory requirements – with setbacks likely to continue along the way – and we continue our work to put exposures related to our historical practices behind us," Scharf said.

The lender has found itself boxed by the regulators after a sales practices scandal came to light in 2016. It has since paid billions in fines.

Net interest income decreased 1%, primarily because of lower yields on earning assets and lower loan balances reflecting soft demand and elevated prepayments by consumers.

Noninterest income increased 27%, driven by strong results in the bank’s affiliated venture capital and private equity businesses. Investment banking fees improved on higher debt underwriting and advisory fees.

Home lending was down 8% primarily due to weaker mortgage banking income driven by lower gain on sale margins and fewer originations. Vehicle loans business did well, revenue rising 17% there.

Loans issued late in the year were up 1% from a year earlier and 4% higher than the prior quarter.

Total revenue rose 13%, to $21 billion.

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17-01-2022 12:01:30 (UTC+7)

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 GBP/USD1.3652↑ Buy
 USD/JPY114.57↑ Sell
 AUD/USD0.7211↑ Sell
 USD/CAD1.2511↑ Sell
 EUR/JPY130.72↑ Buy
 EUR/CHF1.0424↑ Buy
 Gold1,819.15↑ Buy
 Silver23.038↑ Buy
 Copper4.4277Neutral
 Crude Oil WTI83.69↑ Buy
 Brent Oil86.43↑ Buy
 Natural Gas4.263↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,302.14↑ Sell
 S&P 5004,662.85↑ Buy
 DAX15,933.72↑ Sell
 FTSE 1007,611.78↑ Buy
 Hang Seng24,218.03↑ Buy
 Small Cap 20002,161.90↑ Sell
 IBEX 358,838.70↑ Sell
 BASF68.140Neutral
 Bayer52.82↑ Buy
 Allianz227.05↑ Buy
 Adidas252.65↑ Buy
 Lufthansa7.241↑ Sell
 Siemens AG146.00Neutral
 Deutsche Bank AG12.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(0/ 0) # 1,148
SJC HCM6,110/ 6,170
(0/ 0) # 1,158
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,160
SJC Danang6,110/ 6,172
(0/ 0) # 1,160
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,160
SJC Cantho6,110/ 6,172
(0/ 0) # 1,160
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
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GBP30.246,4531.537,99
JPY192,66203,94
KRW16,5020,10
Cập nhật lúc 18:52:49 17/01/2022
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