Wells Fargo reports Q3 ROA 0.94%, ROE 9.06%
Reports Net charge-offs of $717 million, down $88 million from third quarter 2016. Net charge-offs were 0.30 percent of average loans annualized, down from 0.33 percent. Capital levels remained strong in the third quarter, with a Common Equity Tier 1 ratio of 11.8 percent, compared with 11.6 percent in the prior quarter. In third quarter 2017, the Company repurchased 49.0 million shares of its common stock, which reduced period-end common shares outstanding by 38.9 million. The Company paid a quarterly common stock dividend of $0.39 per share, up from $0.38 per share a year ago. "Credit results remained strong in the third quarter," said Chief Risk Officer Mike Loughlin. "The loan portfolio continued to perform well, led by strong performance in consumer real estate and continued solid performance in the commercial portfolio. Separately, while it is still early in the process, we have reviewed our portfolio for potential losses from recent hurricanes and have reflected that initial estimate in our allowance. After accounting for all these factors, the allowance for credit losses in the third quarter remained relatively unchanged from the second quarter."