Wells Fargo & Company’s community banking segment has reported a net income of $3.5bn for the third quarter of 2014, an increase of 4% compared with the year ago quarter.
For the quarter ended 30 September 2014, the unit posted revenue of $12.8bn, a rise of 5% from a year ago.
Go deeper with GlobalData
The bank in its financial statement attributed the rise in quarterly revenue to primarily to higher net interest income, trust and investment fees, card fees, and market sensitive revenue.
The provision for credit losses increased to $465m to from $240m a year ago as the $290m improvement in net charge-offs was more than offset by a lower reserve release, the bank said in its financial statement.
Overall, Wells Fargo group reported a net income of $5.73bn, compared with year-earlier profit of $5.58bn. Revenue increased 3.6% to $21.21bn.
The bank’s community banking segment offers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and auto, student, and small business lending.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIt also offers investment, insurance and trust services in 39 US states and D.C., and mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Lending business units.
