Well Fargo Q1/19 C&I Interest Income Up 23%; Lease Financing Yields Drop Y/Y
APR 15, 2019 - 7:10 am
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.”
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
The Alta Group’s new vice chairman, Jim Merrilees, has noticed a major trend during his first six months consulting in the equipment finance industry: an inability or reluctance of many firms to innovate to attract talent during the current labor... read more
The Equipment Leasing and Finance Association has been making major moves to address the subject of diversity, equity and inclusion (DE&I) within the equipment finance industry. Recently, the ELFA hosted its first annual Equity Forum, a two-day conference in Washington,... read more