On Friday, Shares of Wells Fargo & Co (NYSE:WFC), gained 0.34% to $52.87. 15.68 million shares of the company were exchanged.
Wells Fargo & Company (WFC) reported net income of $5.8 billion, or $1.05 per diluted common share, for third quarter 2015, compared with $5.7 billion, or $1.02 per share, for third quarter 2014, and $5.7 billion, or $1.03 per share, for second quarter 2015.
Net Interest Income
Net interest income raised $187 million from second quarter 2015 to $11.5 billion, primarily driven by growth in investment securities and loans, counting the full quarter benefit of the GE Capital loan purchase and related financing transaction that settled late in the second quarter. The third quarter also comprised of one additional day, accounting for about one third of the enhance in net interest income relative to the second quarter. These benefits were partially offset by reduced income from variable sources counting purchased credit-impaired (PCI) loan recoveries, periodic dividends, and loan fees comprised of in interest income.
Net interest margin was 2.96 percent, down 1 basis point from second quarter 2015. Balance sheet growth and repricing, driven by securities purchases and higher loan balances, improved the net interest margin by about 5 basis points linked-quarter. These benefits were offset by growth in customer deposits, which had a minimal impact to net interest income, but was dilutive to the net interest margin by 3 basis points, and by lower income from variable sources, which reduced the margin by 3 basis points.
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
Shares of Kinross Gold Corporation (USA) (NYSE:KGC), declined -4.87% to $2.15, during its last trading session.
Kinross Gold Corporation (KGC) will release its financial statements and operating results for the third quarter 2015 on Tuesday, November 10, 2015, after market close. A conference call and audio webcast will then be held at 5:30 p.m. ET to talk about the results, followed by a question-and-answer session.
Kinross Gold Corporation, together with its auxiliaries, engages in the acquisition, exploration, and development of gold bearing properties. It is involved in mining and processing gold and silver ores.
At the end of Friday’s trade, Shares of Yahoo! Inc. (NASDAQ:YHOO), declined -0.33% to $33.37.
Yahoo Inc. (YHOO) made a number of product declarations, primarily in the area of communications.
This month marks Yahoo Mail’s 18th anniversary, and the company is celebrating that occasion by introducing a new Yahoo Mail app that is fast, intuitive and beautifully designed. Accessible on iOS (iPhone and iPad) and Android, the new app comes with a number of features, counting smarter search, contacts administration and rich compose.
Most people have an email account from more than one provider. So starting recently, Yahoo Mail users can connect and manage their email accounts from Outlook.com, Hotmail and AOL Mail, right from Yahoo Mail on mobile and desktop. Once connected, users can access Yahoo Mail’s features across all their mailboxes. In addition to speed, smarts and support for multiple mailboxes, the new app marks the introduction of Yahoo Account Key – a more secure and simple alternative to the old password. This new feature simplifies the sign-in process with a secure and easy-to-use interface to access a Yahoo account with the tap of a button.
Yahoo! Inc. provides search and display advertising services on Yahoo properties and associate sites worldwide. The company offers Yahoo Search that serves as a starting point to navigate the Internet and discover information; and Yahoo Answers, which enables users to seek, discover, and share knowledge and opinions across mobile phones, tablets, and desktops.
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