Vladimír Urbánek (Kurzy.cz)
World markets  |  April 12, 2013 14:26:55

Wells Fargo profit in 1Q13 grew to a record 5.17 mld.USD and exceeded market expectations


Net profit of U.S. bank Wells Fargo, which is the largest provider of credit to U.S. households, in Q1 of this year grew by almost a billion to historically record mld.USD 5.17 = 92 cents per share, beating market expectations set at 88 cents. Profitability supported primarily focus on the maximum cost reduction. Banks last year dismissed 5300 employees.

The management company proposes dividend increase from 25 to 30 cents and promises significant share repurchases.

Shares of banks responding to the report slightly negative. Since the beginning of the title has strengthened by 9.7% and thus slightly behind the average growth of the sector to 11%. Recent awards corresponds to about 1.8 times the current value of the assets, which exceeds the sector average of 1.5 times.

Related news:
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Zisk Wells Fargo v 1Q13 rostl na rekordních 5,17 mld.USD a překonal odhady trhu

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