binance left Coinmarketcap net_left adver left

Wells Fargo profit beats estimates on cost cuts, loan demand

Friday, January 14, 2022

(Reuters) -Wells Fargo & Co on Friday beat analysts' estimates for fourth-quarter profit as a rebound in U.S. economic growth encouraged more customers to take loans and the bank kept a tight lid on costs.

The bank reported a 5% rise in loans in the second half after government stimulus programs kept demand low early in the year.

Wells Fargo (NYSE:WFC)'s shares rose 2.2% to $57.26 in premarket trading.

Overall, non-interest expenses fell 11% to $13.2 billion, driven by lower personnel costs, as well as lower restructuring charges and operating losses.

Chief Executive Officer Charlie Scharf has made cost cuts a cornerstone of his turnaround plan, targeting $10 billion in savings annually over the long term.

"The changes we've made to the company and continued strong economic growth prospects make us feel good about how we are positioned entering 2022," Scharf said in a statement.

The fourth-largest U.S. bank has been in regulators' penalty box since 2016 when a sales practices scandal came to light and has paid billions in fines and restitution.

Wells Fargo has been also operating under a $1.95-trillion asset cap imposed by the Federal Reserve in 2018, which has crimped its ability to boost interest income by improving loan and deposit growth.

"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.

Wells Fargo said profit rose to $5.8 billion, or $1.38 per share, in the three months ended Dec. 31, from $3.09 billion, or 66 cents per share, a year earlier.

The bank's profit got a boost of $943 million from the sale of its corporate trust and asset management units.

Wells Fargo also reported an $875 million decrease in the allowance for credit losses.

According to Refinitiv estimates, Wells Fargo earned $1.25 per share excluding items, compared with analysts' average expectation of $1.13.

Wells Fargo's total revenue rose 13% to $20.9 billion, beating estimates of $18.9 billion.

Leave your comment
ig right nyse right Neteller adver right
APPROVED BROKERS
rakuten_main right top net_home_top ig_main right top Binance _ main right top fbs_main right top tifia_main right top
24-01-2022 05:28:17 (UTC+7)

EUR/USD

1.1327

-0.0014 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (2)

EUR/USD

1.1327

-0.0014 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (2)

GBP/USD

1.3511

-0.0043 (-0.32%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (7)

USD/JPY

113.51

-0.17 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7138

-0.0045 (-0.63%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.2614

+0.0033 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

128.56

-0.35 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/CHF

1.0322

-0.0011 (-0.11%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Gold Futures

1,841.05

+9.25 (+0.50%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (5)

Silver Futures

24.163

-0.157 (-0.65%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

Copper Futures

4.4485

-0.0755 (-1.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Crude Oil WTI Futures

84.81

-0.33 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Brent Oil Futures

86.81

-0.27 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

3.732

-0.050 (-1.32%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (3)

US Coffee C Futures

233.88

-3.57 (-1.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (5)

Euro Stoxx 50

4,148.35

-81.21 (-1.92%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

S&P 500

4,397.93

-84.80 (-1.89%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

15,341.60

-262.28 (-1.68%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

FTSE 100

7,412.53

-81.60 (-1.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Hang Seng

24,656.46

-309.09 (-1.24%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (1)

US Small Cap 2000

1,987.92

-36.12 (-1.78%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,545.50

-149.20 (-1.72%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

BASF SE NA O.N.

65.260

-0.920 (-1.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Bayer AG NA

50.88

-0.74 (-1.43%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Allianz SE VNA O.N.

219.88

-1.82 (-0.82%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Adidas AG

244.93

-5.67 (-2.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Deutsche Lufthansa AG

6.697

-0.212 (-3.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Siemens AG Class N

142.41

-2.11 (-1.46%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

11.144

-0.334 (-2.91%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

 EUR/USD1.1327↑ Buy
 GBP/USD1.3511↑ Sell
 USD/JPY113.51↑ Sell
 AUD/USD0.7138↑ Sell
 USD/CAD1.2614↑ Buy
 EUR/JPY128.56↑ Sell
 EUR/CHF1.0322Neutral
 Gold1,841.05Neutral
 Silver24.163↑ Sell
 Copper4.4485↑ Sell
 Crude Oil WTI84.81↑ Sell
 Brent Oil86.81↑ Sell
 Natural Gas3.732Buy
 US Coffee C233.88↑ Sell
 Euro Stoxx 504,148.35↑ Sell
 S&P 5004,397.93↑ Sell
 DAX15,341.60↑ Sell
 FTSE 1007,412.53↑ Sell
 Hang Seng24,656.46↑ Buy
 Small Cap 20001,987.92Buy
 IBEX 358,545.50↑ Sell
 BASF65.260↑ Sell
 Bayer50.88↑ Sell
 Allianz219.88↑ Sell
 Adidas244.93↑ Sell
 Lufthansa6.697↑ Sell
 Siemens AG142.41↑ Sell
 Deutsche Bank AG11.144↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,210
(50/ 50) # 1,151
SJC HCM6,150/ 6,210
(27/ 17) # 1,151
SJC Hanoi6,150/ 6,212
(27/ 17) # 1,153
SJC Danang6,150/ 6,212
(27/ 17) # 1,153
SJC Nhatrang6,150/ 6,212
(27/ 17) # 1,153
SJC Cantho6,150/ 6,212
(27/ 17) # 1,153
Cập nhật 24-01-2022 05:28:25
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,841.51+6.870.37%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$84.58+1.041.21%
Brent$86.91+0.981.12%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.500,0022.810,00
EUR25.000,4426.401,93
GBP29.901,5831.178,49
JPY193,25204,57
KRW16,4019,98
Cập nhật lúc 17:21:42 24/01/2022
Xem bảng tỷ giá hối đoái
binance main right Fxpro Main Right aetos main right adver main right