Wells Fargo & Company Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Loan Charge-Offs for the Fourth Quarter of 2017; Provides Effective Income Tax Rate Guidance for the Year 2018
For the year, the company's total interest income was $58,909 million compared to $53,663 million a year ago. Net interest income was $49,557 million compared to $47,754 million a year ago. Net interest income after provision for credit losses was $47,029 million compared to $43,984 million a year ago. Income before income tax expense was $27,377 million compared to $32,120 million a year ago. Net income was $22,183 million compared to $21,938 million a year ago. Net income applicable to common stock was $20,554 million compared to $20,373 million a year ago. Diluted earnings per common share were $4.10 compared to $3.99 a year ago. Book value per common share was $37.44 compared to $35.18 a year ago. Tangible book value per common share was $31.43 compared to $29.25 a year ago. Return on assets (ROA) was 1.15% compared to 1.16% a year ago. Return on equity (ROE) was 11.35% compared to 11.49% a year ago. Return on average tangible common equity (ROTCE) was 13.55% compared to 13.85% a year ago.
The company also announced total net loan charge-offs were $751 million against $905 million for the same period a year ago.
The company currently expects its full year 2018 effective income tax rate to be approximately 19%.