Vladimír Urbánek (Kurzy.cz)
World markets  |  July 13, 2012 15:58:34

Wells Fargo Profit in 2Q12 grew by 17% to a record 4.62 mld.USD a growth of interest on mortgages


Net gain valuable U.S. bank and largest provider of loans to households in Wells Fargo 2Q of this year grew 17% year on 4.62 mld.USD = 82 cents per share. Excluding some nonrecurring items the market had expected profit of 81 cents. Profit before tax and commissions went up by 12% and 3% QoQ.
This improvement in results is mainly due to renewed interest in reducing costs and mortgage banks.

Total revenues of banks increased by 4% to 21.3 mld.USD respectively decreased by 1.6% QoQ.
Indicator of net interest margin was flat at 3.91%.

Mortgage division recorded in 2Q-year revenue growth of 79% to 2.89 mld.USD. Compared to 1Q division improved by 23 mill.USD.
According to estimates, U.S. MBA mortgage market in Q2 grew by 28% to 372 mld.USD. MBA estimates that fully 75% of cases represented a refinancing of old loans.

Finally, the Bank also helped that, unlike their colleagues very little involvement in Europe.

Shares of the bank for the day yesterday for this year showed an increase of 19%.
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Zisk Wells Fargo ve 2Q12 rostl o 17% na rekordních 4,62 mld.USD díky růstu o zájmu o hypotéky

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