Wells Fargo’s wealth, brokerage and retirement unit has registered net income of US$450 million for the third quarter of 2013, up by US$112 million, or 33%, compared to US$338 million during the same period over the last year.
For the quarter period ended on 30 September 2013, the company posted a revenue of US$3.3 billion, an increase of US$274 million, or 9%, compared to US$3.0 billion during the year ago quarter.
Go deeper with GlobalData
The company said that the revenue has increased due to the strong growth in asset-based fees and higher net interest income, partly offset by decreased brokerage transaction revenue.
Noninterest expense during the quarter, grew by US$162 million, or 7% to US$2.619 billion, compared to US$2.457 billion during the year ago quarter, while provision for credit losses decreased by US$68 million from the year ago period to US$38 million.
Wells Fargo has also reported the wealth management client assets of US$209 billion, up by 5% from prior year quarter.
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 GlobalData
