U.S. bank Wells Fargo on Friday issued better than expected quarterly earnings , improving credit quality and efforts on costs offsetting the persistent slowdown in granting mortgages.
In the first three months of 2014, net income increased 14 % to $ 5.6 billion , exceeding for the second consecutive quarter that of the largest U.S. bank in terms of assets JPMorgan . The latter, which also published his results on Friday, saw its income fell 18.5% to $ 5.3 billion .
Diluted earnings per share of Wells Fargo profit, which serves as a reference to Wall Street, has exceeded 8 cents the average forecast of analysts , to $ 1.05 .
Sales , meanwhile , fell by 3% to $ 20.6 billion , in line with expectations .
The slowdown continued in real estate loans, Wells Fargo is the first providers in the United States .
The total amount of granted mortgage loans fell to $ 36 billion in the first quarter , after 50 billion in the fourth quarter of 2013 and 80 billion in the third .
The bank notes , however, that its losses on credits are ” remained at historically low levels ” in the first quarter . They fell to $ 825 million , a figure compared to 1.4 billion a year earlier.
” We generated revenue more efficiently , reducing spending,” also stressed the CFO , Tim Sloan said in the statement .
In electronic trading before the opening of Wall Street, Wells Fargo action progressed from 0.78 % to 48.08 dollars to 8:30 .
