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Wells Fargo Reports Record Net Income; Decline in Lease Financing Yields

October 14, 2013, 07:04 AM
Filed Under: Corporate Earnings
Related: Wells Fargo

Wells Fargo reported record net income of $5.6 billion for third quarter 2013, up from $4.9 billion for third quarter 2012, and up from $5.5 billion for second quarter 2013.  For the first nine months of 2013, net income was a record $16.3 billion compared with $13.8 billion for the same period in 2012.

“Wells Fargo continued to demonstrate strong and consistent financial performance in the third quarter,” said Chairman and CEO John Stumpf. “As our economy continues to transition to higher interest rates, our diversified business model and strong risk discipline contributed to record earnings per share along with continued strength in return on assets, return on equity and capital. The improvement in the housing market has been beneficial to our customers and significantly contributed to our broad-based credit improvement in the quarter. We also deepened relationships, resulting in increases in cross-sell across the Company. As we look forward, we remain well positioned to meet the needs of our customers and to perform for our shareholders.”

According to the financial statements, through the nine-month period ending September 30, 2013, average lease financing balances totalled roughly $12.2 billion versus $12.9 billion for the same nine-month period of 2012.  Lease portfolio yields declined averaging 6.26% year-to-date versus 7.47% for the same nine month period in 2012.

To read the full press release with financial statements, click here.

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