Wells Fargo Projects Record $3 Billion 1st Quarter Profit

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

Thursday, April 9, 2009

Wells Fargo says it expects to report record earnings for the first quarter, easily surpassing analysts' estimates.

The news is helping send stock futures higher.

The San Francisco-based bank, which has received billions of dollars in government funds, says it expects to earn $3 billion, or 55 cents per share, for the quarter ended March 31. Analysts polled by Thomson Reuters, on average, forecast earnings of 23 cents per share.

Wells Fargo had earned $2 billion during the first quarter last year.

Charge-offs are expected to total $3.3 billion for the first quarter, compared with a combined $6.1 billion between Wells Fargo and Wachovia during the fourth quarter. Wells Fargo completed its acquisition of Wachovia Jan 1.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 42736482 - kake.com/a?a=42736482
Gray Television, Inc.