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Net income applicable to shareholders rose to $5.74 billion, or
$1.16 per share on GAAP basis, in the quarter ended Dec. 31,
from $4.87 billion or 96 cents per share a year ago.
The quarter included a $3.35 billion one-time boost from writing
down its deferred tax liabilities to reflect the new U.S.
corporate tax rates. http://reut.rs/2ATeBng
Shares of Wells Fargo were down 1 percent at $62.32 in premarket
trading.
The company, which has been struggling to cut costs in the wake
of a sales practices scandal, said it expects full-year 2018
total expenses of $53.5 billion to $54.5 billion.
Analysts and investors have kept close tabs on the San
Francisco-based lender's expenses, which topped 60 cents per
dollar of revenue after the scandal erupted in September, 2016.
The bank has struggled to improve that key efficiency metric.
It reported non-interest expenses of $16.80 billion for the
fourth quarter, bringing total non-interest expenses for the
year to $58.48 billion.
Analysts had estimated on average that non-interest expense
would be $54.62 billion for 2017.
Overall revenue rose 2.2 percent to $22.05 billion, supported by
its business lending segment.
(Reporting By Aparajita Saxena in Bengaluru; Editing by Bernard
Orr)
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