Wells Fargo reported Q3/18 net income of $6.01 billion, up 32% from $4.54 billion for the same quarter a year earlier. Total revenue of $21.94 billion was up 2% from $21.85 billion in Q3/17.

Highlights from the report were:

  • The lease financing average balance for the nine month period ended September 30, 2018 was $19.35 billion, up from $19.09 billion for the same period one year earlier. The average yield of 4.82% compared to 4.78% a year earlier. Interest income of $700 million was up from $684 million for the same nine month period in 2017.
  • The U.S. C&I loan average balance of $273.7 billion for the nine month period ended September 2018 compared to $272.6 billion a year earlier. The average yield of 4.08% was up 38 bps from 3.70% in 2017. Interest income of $8.35 billion was up from $7.55 billion a year earlier.
  • The non-U.S. C&I average balance of $60.27 billion for the first nine months of 2018 was up 6.65% from $56.51 billion for the same period in 2017. The average yield of 3.46% compared to 2.83% for the same nine months in 2017. Interest income for the period of $1.56 billion was up 30.2% from $1.197 billion a year earlier.

    • “In the third quarter, we continued to make progress in our efforts to build a better Wells Fargo with a specific focus on our six goals: risk management, customer service, team member engagement, innovation, corporate citizenship and shareholder value,” said CEO Tim Sloan. “We are strengthening how we manage risk and have made enhancements to our risk management framework. We also continued to make progress on customer remediation, which is an important step in our efforts to rebuild trust.

    “In addition, to better serve our customers and help them succeed financially, we launched Control Tower, a digital experience that simplifies our customers’ online financial lives, and our new Propel Card, one of the richest no-annual-fee credit cards in the industry. Furthermore, our ongoing efforts in corporate citizenship and building stronger communities were recognized in a recent survey on corporate giving by the Chronicle of Philanthropy, which ranked the Wells Fargo Foundation as the No.2 corporate cash giver in the U.S. Our focus on shareholder value included progress on our expense savings initiatives, and we returned a record $8.9 billion to shareholders through net common stock repurchases and dividends in the third quarter. I’m confident that our efforts to transform Wells Fargo position us for long-term success.”