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BRIEF-Wells Fargo reports Q3 earnings per share $0.84
October 13, 2017 / 12:25 PM / 7 days ago

BRIEF-Wells Fargo reports Q3 earnings per share $0.84

Oct 13 (Reuters) - Wells Fargo & Co:

* Wells Fargo reports third quarter 2017 net income of $4.6 billion

* Q3 earnings per share $0.84

* Q3 earnings per share view $1.03 -- Thomson Reuters I/B/E/S

* Q3 revenue $21.9 billion versus i/b/e/s view $22.39 billion

* Qtrly ‍total average loans of $952.3 billion, down $5.1 billion, or 1 percent​

* Net interest income in Q3 2017 was $12.5 billion, in line with Q2 2017​

* CET 1 ratio (fully phased-in) of ‍11.8​ percent at quarter-end versus 11.6 percent at Q2-end

* Qtrly ‍mortgage banking noninterest income was $1.0 billion, compared with $1.1 billion in Q2 2017​

* Qtrly ‍net interest margin was 2.87 percent, down 3 basis points from Q2 2017​

* Return on equity of 9.06 percent at quarter-end versus 11.95 percent at Q2-end

* Residential mortgage loan originations were $59 billion in Q3, up from $56 billion in Q2​

* Qtrly ‍net charge-offs of $717 million, down $88 million from Q3 2016​

* Qtrly ‍net charge-offs were 0.30 percent of average loans (annualized), down from 0.33 percent​

* Qtrly nonperforming assets decreased $512 million from second quarter 2017 to $9.3 billion‍​

* Reported $4.6 billion of net income in Q3, which included impact of $1 billion, or $0.20 per share, discrete litigation accrual​

* Wells Fargo CEO says performance in Q3 included impact of a litigation accrual for previously disclosed, pre-crisis mortgage-related investigations​

* “‍Remain committed to our target of $2 billion of expense reductions by end of 2018”​

* Remain committed to target of additional $2 billion expense reduction by end of 2019 intended to go to bottom line​

* Credit performance in quarter was offset by $450 million for coverage of preliminary estimate of potential hurricane-related losses‍​ Source text for Eikon: Further company coverage:

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