Vladimír Urbánek (Kurzy.cz)
World markets  |  January 11, 2013 14:54:19

Wells Fargo profit in Q4 grew by a quarter, beating market expectations


American leader in loans to households, Wells Fargo Bank, announced that in Q4 of this year, the annual growth in net profit by 24% to 5.09 mld.USD = 91 cents per share. The market expected an average improvement towards 89 cents.

Banks benefits significantly from mortgage lending supported to a large extent the refinancing of older loans. Only by refinancing loans in 4Q negotiated in the aggregate amount of 51 mld.USD. For the full year 2012, the Bank has negotiated a new loan for 1.75 trillion, while 75% went to refinance earlier loans.

Wells Fargo Q4 counted one-time charge of 644 mill.USD in connection with collective settlement 10 U.S. banks due to foreclosures. Wells Fargo agreed to the settlement with a total payment of 766 mill.USD and assistance of 1.2 mld.USD.

The Bank's management expressed optimism regarding the development of this year.

Shares of the bank last year strengthened by 24% compared to the sector average at 30%. Since the beginning of this year, the title gained 3.6%.
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Zisk Wells Fargo ve 4Q rostl o čtvrtinu a překonal odhady trhu

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