Wells Fargo reported Q1/19 net income of $5.9 billion was up from $5.1 billion in the same quarter in 2018. Earnings per share of $1.21 exceeded analysts’ expectations of $1.10.
Wells releases the following C&I Lending and Lease Financing results:
- Average U.S. C&I Lending loan balances in Q1/19 were $286.6 billion, up 5.4% from $272.0 billion in the same quarter one year ago. The average yield of 4.48% was up from 3.85 percent in Q1/18. Interest income of $3,169 billion was up 22.6% from $2,584 billion a year earlier.
- Average Non-U.S. C&I Loans in Q1/19 of $62,957 billion were up from $60,216 billion for the same quarter in 2018. The average yield of 3.89% was up from 3.23% in Q1/18. Interest income of $604 million was up 26% from $479 million a year earlier.
- The average Lease Financing average balance in Q1/19 of $19,391 million compared to $19,265 million in Q1/18. The average yield of 4.61% was down 69 basis points from 5.30 percent a year earlier. Interest income in Q1/19 of $224 million compared to $255 million in Q1/18.
Interim Chief Executive Officer Allen Parker said, “Since assuming this role, I have been focused on leading our company forward by emphasizing my top priorities: serving our customers and supporting our Wells Fargo team members; meeting and exceeding the expectations of our regulators; and continuing the important transformation of the company.
We have more work ahead of us, and our strong leadership team is dedicated to making our company the most customer-focused, efficient, and innovative Wells Fargo ever.”