Wells Fargo reported QE September 2012 financial results on October 12
Wells Fargo reported yet another superb quarter. CEO John Stumpf has continued to improve both financial performance and position. Capital is strong. Risk management appears excellent. Earnings per share of $0.88 is yet another all-time high.
Wells Fargo is easily the preeminent USA bank with assets greater than $1 trillion and the largest traditional American bank. The other banks in the Trillion Dollar Assets Club are JPMorgan, Bank of America, and Citigroup.
At QE 9-30-12, 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 6-30-12. The median rating is "D" and the average rating at QE 6-30-12 was "C". Financial position is weighted more than financial performance. The QE 6-30-12 bank ratings review is here.
“Through the efforts of our more than 265,000 team members, we've now achieved six consecutive quarters of record net income and EPS,” said Chairman and CEO John Stumpf. “By focusing on earning all of our customers' business and providing outstanding service, we continued to generate growth across our diversified set of businesses. In the third quarter, core loans grew by $11.9 billion and we saw continued strength in our mortgage and deposit businesses. We remained diligent in managing costs and continued to have strong underlying credit performance as our loss mitigation efforts and the low interest rate environment helped improve affordability for our customers.”
$WFC $XLF
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