Wells Fargo and Co. (WFC:NYSE) have announced strong figures for the first quarter due to its dominant position in mortgage refinancing, with the bank being involved in one in three of all mortgages refinanced in the USA.
Revenues came in ahead of expectations at $21.6 billion compared to analyst’s forecasts of $20.4 billion.
Earnings per share came in at $0.75 compared to analyst forecasts of $0.73 with net income of $4.2 billion, which was an increase of 14 percent on the prior quarter.
Chairman and CEO, John Stumpf said: “Wells Fargo delivered outstanding first quarter results driven by strong revenue growth. Quarterly revenue was the highest in nine quarters, and we achieved our ninth consecutive quarter of earnings per share growth, our continued performance for shareholders through a variety of economic environments is a testament to our diversified business model. The performance of our franchise also allowed us to provide our shareholders with an increased common stock dividend for the second consecutive year.”