Wells Fargo Soars: Q3 Earnings Beat Estimates and Asset Cap Lift Fuels Rally
Record Q3 Earnings and Guidance Wells Fargo’s third-quarter results, released Oct. 14, topped forecasts and energized its outlook. The bank reported $5.59 billion net income (versus $5.11 billion a year ago) on revenue of about $21.4 billion reuters.com. Earnings per share of $1.66 handily beat analysts’ $1.53 forecast reuters.com. CEO Charlie Scharf highlighted that Wells saw the highest quarterly loan growth in over three years, saying “we grew our balance sheet… Credit performance was strong” reuters.com. With strong results, Wells raised its target for return on tangible common equity (ROTCE) to 17–18%, up from a previous ~15% goal reuters.com reuters.com. The bank’s profitability