Wells Fargo (WFC.N) 3Q result quick review20 October, 2010, 23:41. Posted by Zarathustra
Tags: Wells Fargo
Wells Fargo (WFC.N) reported another slight beat in this round of reporting season. The bottom-line EPS was $0.60 vs. consensus of $0.56. The revenue was in-line. Tier I capital ratio on 30 September 2010 was 10.9%, rising 40bp from the previous quarter end. The performance is helped by the improving credit conditions, which is quite an industry-wide phenomenon now as most banks have recorded declining credit costs.
With respect to the foreclosure, this is what was said in the press release:
With respect to recent industry-wide foreclosure issues, there are several important facts to know about Wells Fargo. Foreclosure is always a last resort, and we work hard to find other solutions through multiple discussions with customers over many months before proceeding to foreclosure. We are confident that our practices, procedures and documentation for both foreclosures and mortgage securitizations are sound and accurate. For these reasons, we did not, and have no plans to, initiate a moratorium on foreclosures.
And more here.