April 13, 2018 / 12:16 PM / 10 days ago

BRIEF-Wells Fargo Preliminary Q1 EPS $1.12

April 13 (Reuters) - Wells Fargo & Co:

* WELLS FARGO REPORTS PRELIMINARY FIRST QUARTER 2018 NET INCOME OF $5.9 BILLION; DILUTED EPS OF $1.12

* QTRLY PRELIMINARY REVENUE OF $21.9 BILLION, DOWN FROM $22.3 BILLION

* QTRLY PRELIMINARY FINANCIAL RESULTS MAY NEED TO BE REVISED TO REFLECT ADDITIONAL ACCRUALS FOR CFPB/OCC MATTER

* PRELIM. CET 1 RATIO (FULLY PHASED-IN) OF 12.0 PERCENT PCT AT QTR-END VS 11.9 PCT AT Q4-END

* QTRLY PRELIMINARY NET INTEREST INCOME OF $12.2 BILLION, DOWN $86 MILLION, OR 1 PERCENT

* QTRLY PRELIMINARY AVERAGE LOANS OF $951.0 BILLION, DOWN $12.6 BILLION, OR 1 PERCENT

* Q1 EARNINGS PER SHARE VIEW $1.06, REVENUE VIEW $21.73 BILLION — THOMSON REUTERS I/B/E/S

* QTRLY PRELIMINARY NET CHARGE-OFFS OF $741 MLN, DOWN $64 MLN

* QTRLY PRELIMINARY MORTGAGE BANKING INCOME WAS $934 MILLION, UP SLIGHTLY FROM $928 MILLION IN Q4 2017

* QTRLY PRELIMINARY NET CHARGE-OFFS WERE 0.32 PERCENT OF AVERAGE LOANS (ANNUALIZED), DOWN FROM 0.34 PERCENT

* Q FOR QUARTER ENDED MARCH 31

* QTRLY PRELIMINARY RESIDENTIAL MORTGAGE LOAN ORIGINATIONS DECLINED IN Q1, DOWN TO $43 BILLION, FROM $53 BILLION IN Q4

* WELLS FARGO CEO SAYS “RECOGNIZE THAT IT WILL TAKE TIME TO PUT ALL OF OUR CHALLENGES BEHIND US”

* PRELIMINARY QTRLY NONPERFORMING ASSETS DECREASED $388 MILLION, OR 4 PERCENT, FROM Q4 2017 TO $8.3 BILLION

* QTRLY PRELIM NET INTEREST MARGIN WAS 2.84 PERCENT, FLAT COMPARED WITH Q4 2017

* REMAIN ON TRACK TO ACHIEVE TARGET OF $4 BILLION IN EXPENSE REDUCTIONS BY END OF 2019

* PRELIM. RESULTS SUBJECT TO CHANGE DUE TO DISCUSSIONS WITH CFPB AND OCC TO RESOLVE MATTERS REGARDING COMPLIANCE RISK MANAGEMENT PROGRAM

* IN DISCUSSIONS WITH CFPB & OCC TO RESOLVE MATTERS ON PAST PRACTICES ON SOME AUTOMOBILE COLLATERAL PROTECTION INSURANCE POLICIES

* IN DISCUSSIONS WITH CFPB & OCC TO RESOLVE MATTERS ON CERTAIN MORTGAGE INTEREST RATE LOCK EXTENSIONS

* CFPB AND OCC HAVE COLLECTIVELY OFFERED TO RESOLVE MATTERS FOR AGGREGATE OF $1 BILLION IN CIVIL MONEY PENALTIES

* EXPENSES IN Q1 INCLUDED TYPICALLY HIGHER PERSONNEL EXPENSE

* NONINTEREST EXPENSE DOLLAR TARGET RANGE FOR FULL YEAR 2018 REMAINS UNCHANGED

* Q1 RESULTS INCLUDED $643 MILLION GAIN FROM SALES OF $1.6 BILLION OF PURCHASED CREDIT-IMPAIRED PICK-A-PAY LOANS

* Q1 RESULTS INCLUDED A $202 MILLION GAIN FROM SALE OF WELLS FARGO SHAREOWNER SERVICES Source text for Eikon: Further company coverage:

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