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18 August, 2019 02:37 IST
Wells Fargo & Co fourth quarter profit flat at $5,709 mn
Source: IRIS | 15 Jan, 2016, 10.25PM
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Wells Fargo & Company (WFC) has said the profit for the quarter ended Dec. 31, 2015 was unchanged at $5,709 million or $1.03 a share, when compared with the last year period.
 
Revenue during the quarter went down marginally by 0.97 percent to $20,755 million from $20,958 million in the previous year period. Net interest income for the quarter rose 3.65 percent over the prior year period to $11,588 million. Non-interest income for the quarter was flat at $9,998 million, when compared with the prior year period.
 
Wells Fargo & Company has made provision of $831 million for loan losses during the quarter, up 71.34 percent from $485 million in the same period last year.
 
Net interest margin contracted 12 basis points to 2.92 percent in the quarter from 3.04 percent in the last year period. Efficiency ratio for the quarter improved to 57.40 percent from 59 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
 
Chairman and chief executive officer John Stumpf said, "Full year and fourth quarter 2015 results demonstrated the benefit of our diversified business model as we again generated strong financial results, maintained our risk discipline and continued to invest across the company for future growth. I am proud of the dedication of our team members and their focus on helping our customers succeed financially."
 
Liabilities outpace assets growth
Total assets stood at $
1,787,632 million as on Dec. 31, 2015, up 5.96 percent compared with $1,687,155 million on Dec. 31, 2014. On the other hand, total liabilities stood at $1,593,607 million as on Dec. 31, 2015, up 6.11 percent from $1,501,893 million on Dec. 31, 2014.
 
Loans outpace deposit growth
Net loans stood at $905,014 million as on Dec. 31, 2015, up
6.44 percent compared with $850,232 million on Dec. 31, 2014. Deposits stood at $1,223,312 million as on Dec. 31, 2015, up 4.71 percent compared with $1,168,310 million on Dec. 31, 2014.
 
Investments stood at $424,757 million as on Dec. 31, 2015, up 8.58 percent or $33,577 million from year-ago. Shareholders equity stood at $193,132 million as on Dec. 31, 2015, up 4.74 percent or $8,738 million from year-ago.
 
Return on assets moved down 9 basis points to 1.27 percent in the quarter from 1.36 percent in the last year period. At the same time, return on equity decreased 61 basis points to 12.23 percent in the quarter from 12.84 percent in the last year period.
 
Nonperforming assets moved down 17.14 percent or $2,650 million to $12,807 million on Dec. 31, 2015 from $15,457 million on Dec. 31, 2014.
 
Book value per share was $33.81 for the quarter, up 5.03 percent or $1.62 compared to $32.19 for the same period last year.
 
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