Summary
Wells Fargo & Company (WFC) reported strong financial results for the second quarter and first half of 2017. Net income applicable to common stock was $5.4 billion for the quarter, a 7% increase year-over-year, and $10.5 billion for the first half, up 2% year-over-year. Diluted earnings per common share were $1.07 for the quarter, an increase from $1.01 in the prior year. The company demonstrated consistent financial performance with a diversified business model, achieving record average deposits of $1.3 trillion in the second quarter. Total revenue remained stable year-over-year at $22.2 billion for the quarter. The balance sheet remained strong with high liquidity and capital levels, as indicated by a Common Equity Tier 1 ratio of 11.59% under Basel III. The company also returned $3.4 billion to shareholders in the second quarter through dividends and net share repurchases, marking the eighth consecutive quarter of returning over $3 billion.
Financial Highlights
38 data points| Revenue | $22.23B |
| Interest Expense | $2.22B |
| Net Income | $5.86B |
| EPS (Basic) | $1.09 |
| EPS (Diluted) | $1.08 |
| Shares Outstanding (Basic) | 4.99B |
| Shares Outstanding (Diluted) | 5.04B |
Key Highlights
- 1Net income applicable to common stock was $5.4 billion for Q2 2017, a 7% increase from $5.2 billion in Q2 2016.
- 2Diluted earnings per common share were $1.07 for Q2 2017, up from $1.01 in Q2 2016.
- 3Total revenue remained stable at $22.2 billion for Q2 2017, compared to $22.2 billion in Q2 2016.
- 4Average total deposits reached a record $1.3 trillion, up 5% year-over-year.
- 5Net charge-off rate improved to 0.27% (annualized) of average loans in Q2 2017, down from 0.39% in Q2 2016.
- 6Common Equity Tier 1 (CET1) ratio was 11.59% at June 30, 2017, demonstrating strong capital adequacy.
- 7The company returned $3.4 billion to shareholders in Q2 2017 through common stock dividends and net share repurchases.