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Rev & Exp

In: Business and Management

Submitted By elimj
Words 464
Pages 2
Revenue
Wells Fargo net income was $23.1 billion in 2014, an increase of 5% compared with 2013, with record diluted earnings per share (EPS) of $4.10, also up 5% from the prior year. Total revenue for 2014 with the sum of net interest and noninterest income was $84.3 billion compared with $83.8 billion in 2013 and $86.1 billion in 2012. Wells Fargo splits its revenue into two categories: interest income and noninterest income. The increase in revenue for 2014 compared with 2013 was predominantly due to an increase in net interest income, reflecting increase in income from trading assets and investment securities.
Interest income
Net interest income is the interest earned on debt securities, loans (including yield-related loan fees) and other interest earning assets minus the interest paid for deposits, short-term borrowings and long-term debt. Net interest income on a taxable-equivalent basis was $44.4 billion in 2014, compared with $43.6 billion in 2013, and $43.9 billion in 2012. The net interest margin was 3.11% in 2014, down 29 basis points from 3.40% in 2013, which was down 36 basis points from 3.76% in 2012. The increase in net interest income for 2014, compared with 2013, was largely driven by securities purchases, higher trading balances, and reduced funding costs due to disciplined deposit pricing and lower long term debt yields. Strong growth in commercial, retained real estate and automobile loans also contributed to higher net interest income as originations replaced runoff in the nonstrategic/liquidating portfolios.
Noninterest Income
Noninterest income of $40.8 billion represented 48% of revenue for 2014 compared with $41.0 billion, or 49%, for 2013 and $42.9 billion, or 50%, for 2012. The decrease in noninterest income in 2014 was primarily due to a decline in mortgage banking, partially offset by growth in many of our other businesses including...

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