Wells Fargo reported QE June 2012 financial results on Friday, July 13
Wells Fargo is firing on all cylinders and reported a superb quarter. CEO John Stumpf has surpassed what I thought was possible. I expected a small incremental gain to a new record financial performance, but growth actually accelerated. Wells Fargo has easily become the preeminent USA bank with assets greater than $1 trillion. The others in the Trillion Dollar Assets Club are JPMorgan, Bank of America, and Citigroup.
Metric, QoQ Change, YoY Change
Total Assets: $1.34 trillion, +1%, +6%
Net Revenues: $21.29 billion, -2%, +4%
Net Income: $4.62 billion, +9%, +17%
Earnings per Share: $1.21, +9%, +17%
At QE 6-30-12, I have rated Wells Fargo an "A-" on a scale of A+ to G-. This is no change in the rating from the prior QE 3-31-12. The median rating is "D" and the average rating at QE 3-31-12 was "C". Financial position is weighted more than financial performance. The QE 3-31-12 bank ratings review is here.
“Wells Fargo’s strong financial results this quarter again reflect the benefit of our diversified business model.” said Chairman and CEO John Stumpf. “While the economic recovery remains uneven, we continued to meet our customers’ financial needs and benefited from signs of stabilization in the housing market. Our accomplishments reflect our continued focus on key Wells Fargo fundamentals: the way our team members work together to serve customers, and the way we manage risk. The foundation of our business is putting the customer at the center of all we do. Because of that focus, our customers entrusted more of their business with us - we had record quarterly mortgage applications, increases in lending to consumers and businesses, and continued growth in deposits and cross-sell.”
$WFC $XLF
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