First quarter 2014 earnings were another record for our Company and capital levels continued to strengthen. Returning more capital to our shareholders has remained a priority for Wells Fargo and we were pleased to have received a non-objection to our 2014 CCAR submission, which included a proposed 17 percent common stock dividend increase to $0.35 per share in the second quarter of this year and higher planned share repurchases compared with 2013 repurchase activity. As we move forward in 2014, I am optimistic about the opportunities ahead and believe that we are well positioned for growth.”
Chief Financial Officer Tim Sloan said, “We are very pleased with Wells Fargo’s performance in the first quarter, particularly in some of the fundamental drivers of long term growth: loans, deposits, investments, capital and credit quality. Revenue remained relatively stable despite the impact of fewer days in the quarter, reflecting contributions from our diversified sources of fee revenue. In addition, we generated revenue more efficiently as we reduced expenses year-over-year and compared with fourth quarter of last year. Income tax expense in the first quarter was $227 million lower than the prior quarter, driven by a $423 million tax benefit recognized in the first quarter.”
Chief Financial Officer Tim Sloan said, “We are very pleased with Wells Fargo’s performance in the first quarter, particularly in some of the fundamental drivers of long term growth: loans, deposits, investments, capital and credit quality. Revenue remained relatively stable despite the impact of fewer days in the quarter, reflecting contributions from our diversified sources of fee revenue. In addition, we generated revenue more efficiently as we reduced expenses year-over-year and compared with fourth quarter of last year. Income tax expense in the first quarter was $227 million lower than the prior quarter, driven by a $423 million tax benefit recognized in the first quarter.”
Wells Fargo reports record Q1 2014 net income of $5.9b
SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported record net income of $5.9 billion, or $1.05 per diluted common share, for first quarter 2014, up from $5.2 billion, or $0.92 per share, for first quarter 2013, and up from $5.6 billion, or $1.00 per share, for fourth quarter 2013.
“Our solid first quarter results again demonstrated the ability of our diversified business model to perform for shareholders,” said Chairman and CEO John Stumpf. “Our 265,000 team members remained focused on achieving our vision of serving the financial needs of our customers as we grew loans, deposits and increased cross-sell.
Re-disseminated by The Asian Banker
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