|
The San Francisco-based bank's net income applicable to common
shareholders slipped to $5.34 billion, or $1.03 per share, in
the three months ended Dec. 31, from $5.38 billion, or $1.02 per
share, a year earlier.
Analysts on average had expected earnings of $1.02 per share,
according to Thomson Reuters I/B/E/S.
Wells Fargo's shares, which fell about 1 percent in 2015, were
down 2.9 percent in premarket trading on Friday.
Mortgage banking revenue rose 9.6 percent to $1.66 billion, the
first rise in three quarters.
However, provisions for credit losses jumped 71.3 percent to
$831 million in the period compared with a year earlier.
The bank's total loans grew 6.3 percent in the quarter, with the
acquisition of GE's commercial lending and leasing assets alone
adding about $32 billion to the bank's portfolio.
Net interest income, a measure of the interest received from
loans after paying for funding and accounting for potential loan
losses, rose 0.58 percent to $10.76 billion.
(Reporting by Sruthi Shankar and Richa Naidu; Editing by Ted
Kerr)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
