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Wells Fargo & Company (NYSE:WFC): Financial results: Net income of $6.0 billion, compared with $4.5 billion in third quarter 2017 Diluted earnings per share (EPS) of $1.13, compared with $0.83 Third quarter 2018 included the redemption of our Series J Preferred Stock, which reduced diluted EPS by $0.03 per share Revenue of $21.9 billion, up from $21.8 billion Net interest income of $12.6 billion, up $123 million, or 1 percent Noninterest income of $9.4 billion, down $31 million Noninterest expense of $13.8 billion, down $588 million, or 4 percent Average deposits of $1.3 trillion, down $40.0 billion, or 3 percent Average loans of $939.5 billion, down $12.9 billion, or 1 percent Return on assets (ROA) of 1.27 percent, return on equity (ROE) of 12.04 percent, and return on average tangible common equity (ROTCE) of 14.33 percent1 Credit quality: Provision expense of $580 million, down $137 million, or 19 percent, from third quarter 2017 Net charge-offs decreased $37 million to $680 million, or 0.29 percent of average loans (annualized) Reserve release2 of $100 million Nonaccrual loans of $7.1 billion, down $1.6 billion, or 18 percent Strong capital position while returning more capital to shareholders:. Common Equity Tier 1 ratio (fully phased-in) of 11.9 percent3 Returned $8.9 billion to shareholders through common stock dividends and net share repurchases, which more than doubled from $4.0 billion in third quarter 2017 Net share repurchases of $6.8 billion, which more than tripled from $2.0 billion Period-end common shares outstanding down 216.3 million shares, or 4 percent Quarterly common stock dividend of $0.43 per share, up 10 percent from $0.39 per share [ABSTRACT FROM PUBLISHER] |
