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Wells Fargo Jan-Mar 2021 Financial Results

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Have you ever heard of Wells Fargo (ticker symbol: WFC), a U.S. stock?

It is one of the world’s leading global integrated financial services companies.

In this article, I would like to introduce Wells Fargo’s financial results for the period from January to March 2021, which were announced on April 14, 2021.

January to March 2021

EPS of $1.05 vs. 65¢ expected.

Net sales were $18.06 billion, compared to the forecast of $17.42 billion.

Sales growth was +2.0% YoY.

Net income was $4.36 billion. Net income was $4.36 billion, compared to $42 million in the same period last year.

Net interest income was $8.8 billion. Net interest income was $8.8 billion, compared to $11.31 billion in the same period last year.

Noninterest income was $9.27 billion. Non-interest income was $9.27 billion, compared to $6.4 billion in the same period last year.

Losses were $523 million. This was $418 million less than the same period last year.

The balance of loans with delayed payments was $8.06 billion. In the same period last year, it was $6.16 billion.

The average loan balance was $873.4 billion. In the same period last year, it was $965 billion.

Outstanding loans at the end of the period were $861.5 billion. In the same period last year, it was $1 trillion.

The average deposit balance was $1.43 trillion. In the same period last year, it was $1.38 trillion.

Return on assets (ROA) was 0.99%. In the same period last year, it was 0.13%.

Return on equity (ROE) was 10.6%. In the same period last year, it was 0.1%.

Tangible book value per share was $33.57. Tangible book value per share was $33.57, compared to $32.9 in the same period last year.

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