April 13 (Reuters) – April 13 (Reuters) – Wells Fargo &
Co :
* Reports record quarterly net income
* Q1 earnings per share $0.75
* Q1 revenue $21.6 billion
* Q1 earnings per share view $0.73 — Thomson Reuters I/B/E/S
* Total loans of $766.5 billion at March 31, 2012, compared
with $769.6 billion
at December 31, 2011
* Qtrly net interest income was $10.9 billion, in line with
fourth quarter 2011
* Says return on equity of 12.14 percent in quarter, up 17
basis points from
prior quarter
* Says tier 1 common equity ratio of 9.95 percent under Basel I
at March 31,
2012
* Qtrly net interest margin increased to 3.91 percent from 3.89
percent in
fourth quarter 2011
* Says reserve release(4)of $400 million (pre-tax) in quarter
* Says currently expect a $500-$700 million overall reduction
in noninterest
expense during the second quarter
* Qtrly net charge-offs were $2.4 billion, a decline of $245
million from prior
quarter
* Under current Basel III capital proposals, tier 1 common
equity ratio
estimated at 7.81 percent at quarter end
* Says nonperforming assets ended the quarter at $26.6 billion,
compared with
$26.0 billion in fourth quarter 2011
* Says “absent significant deterioration in the economy, we
continue to expect
future reserve releases in 2012.”
* Q1 revenue view $20.51 billion — Thomson Reuters I/B/E/S
* Says return on average assets of 1.31 percent in quarter, up
6 basis points
from prior quarter
* Says currently targets fourth quarter 2012 noninterest
expense of
approximately $11.25 billion
* Allowance for credit losses,including allowance for unfunded
commitments,
totaled $19.1 billion at March 31, 2012
* Says Q1 net income of $4.2 billion
