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Wells Fargo reported a 5.5% increase in net profit in the first quarter of 2018


The net profit of one of the largest banking groups in the US Wells Fargo & Co in the first quarter of 2018 grew by 5.5% to $ 5.94 billion compared to the same period last year.
 
Wells Fargo reported a 5.5% increase in net profit in the first quarter of 2018
 
The diluted earnings of the group were $ 1.12 per share, compared to $ 1.03 a year earlier. Experts predicted that the profit will be $ 1.07 per share.

The bank's revenue in the first quarter in annual terms decreased by 1.82% - to $ 21.9 billion.

Net interest income of the US mortgage lender declined by 1% in annual terms - to $ 12.2 billion, mainly due to fewer working days in the first quarter of this year. Experts expected the figure of $ 12.65 billion.

It should be noted earlier Wells Fargo & Co. said that the impact of sanctions imposed by the US Federal Reserve System (FRS) on the bank in the wake of scandals with customers' settlement accounts may reduce its profit this year by $ 300-400 million.

In accordance with the order of the Fed, Wells Fargo will replace four members of the board of directors. The bank will not be able to increase assets compared to the end of 2017 - then the volume of assets on its balance sheet was $ 1.95 trillion.

For several years the bank opened millions of client accounts without their consent. In addition, it is established that the bank committed other violations, such as charging borrowers for unnecessary insurance services.

"It is important to note that the order is not related to any new cases, but concerns earlier cases for which we have already made significant progress," the statement by Wells Fargo CEO Timothy Sloan says in a statement. "We highly appreciate the Federal Reserve's recognition of our actions for today ".

"In addition, the order is not related to the financial condition of Wells Fargo: we maintain strong financial positions and are ready to meet the various financial needs of our customers," Sloan added.

Wells Fargo said that its profit this year will decrease by $ 300-400 million due to the steps that it will have to take.

In 2017, the bank received a net profit of $ 22.2 billion, compared with $ 21.9 billion in 2016.

Wells Fargo has not decided exactly how it will work in the face of restrictions on the volume of assets. The bank said it could reduce its portfolio of so-called commercial non-operating deposits, deposits of financial institutions and trading assets.

It is not known how long the Fed will take sanctions against the bank. Wells Fargo said that it will present a plan to further improve its compliance program and operational risk management within 60 days.

After approval of the Federal Reserve System, the bank will attract independent third parties to conduct the audit, which will be completed no later than September 30, 2018.

 
Read also:

  • Profit of JPMorgan in the I quarter of 2018 increased to $ 8.71 billion
  • Deutsche Bank will continue to reduce employees to below 90 thousand
  • The forecast of GDP growth of the eurozone is kept at the level of 0.4%
  • Bank lending in the euro area weakened in February 2018
  • Wells Fargo сообщил о росте чистой прибыли на 5,5% в первом квартале 2018 г ...


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    GDP of the world's countries 2017
    List of the IMF in trillion. $.

      1 USA - 19,284
      2 China - 12,263
      3 Japan - 4,513
      4 Germany - 3,591
      5 Great Britain - 2,885
      6 France - 2,537
      7 India - 2,487
      8 Italy - 1,901
      9 Brazil - 1,556
      10 Canada - 1,530
    GDP per capita world countries 2017 (table)

    List of the IMF in $

      1 Luxembourg - 108004.9
      2 Switzerland - 79347.76
      3 Norway - 72046.29
      4 Qatar - 67269.64
      5 Macao - 61365.29
    The state debt of the countries of the world 2017

    Public debt of 2017 countries as a percentage of GDP

      1 Japan - 250,91
      2 Lebanon - 147,62
      3 Italy - 131,71
      4 Eritrea - 127,5
      5 Portugal - 127,33
      6 Cape Verde- 122,25
      7 Bhutan - 122,12
      8 Jamaica - 116,07
      9 USA - 107,48
      10 Barbados - 106,58
    Gold and currency reserves of the countries of the world 2017

    International reserves, billion USD

      1 China - 3080,7
      2 Japan - 1260,0
      3 Switzerland - 773,1
      4 European Union - 745,9
      5 Saudi Arabia - 492,9
      6 Taiwan - 444,4
      7 Russia - 419,9
      8 Hong Kong - 413,3
      9 India - 393,6
      10 Republic of Korea - 383,8

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