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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

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Wells Fargo : problem loans jump 62 percent, driven by energy

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05/04/2016 | 06:29pm EST
The sign outside the Wells Fargo & Co. bank in downtown Denver

(Reuters) - Wells Fargo & Co (>> Wells Fargo & Co) racked up a 62 percent increase in potentially problematic loans, mainly to oil and gas companies, according to its first-quarter regulatory financial filing released on Wednesday.

(Reuters) - Wells Fargo & Co (>> Wells Fargo & Co) racked up a 62 percent increase in potentially problematic loans, mainly to oil and gas companies, according to its first-quarter regulatory financial filing released on Wednesday.

Loans regulators define as "criticized" rose to nearly $30 billion as of March 31 from about $18.5 billion at the end of 2015, the filing said. The remaining $290.5 billion of Wells Fargo's commercial and industrial loan portfolio was classified as "pass."

Criticized loans range from those with potential weaknesses to essentially worthless ones that should no longer count as assets on bank balance sheets.

Wells Fargo's total energy-related exposure, including funded and unfunded loans, decreased $317 million to $43.5 billion in the quarter, the filing said.

Wells Fargo and other banks have beefed up reserves for possible loan losses as sharply lower oil prices have made it difficult for energy companies to repay their debts. Wells Fargo has been one of the most aggressive large banks in providing equity and second lien financing to small exploration and production companies in the sector.

In its quarterly filing on Friday, JPMorgan Chase & Co (>> JPMorgan Chase & Co.) said its criticized loans to the oil and gas industry more than doubled to $9.7 billion at the end of March. Wells Fargo did not specify what portion of its oil and gas loans were criticized.

JPMorgan's overall criticized loans rose to about $21.2 billion from $14.6 billion at year-end, a 45 percent increase.

(Reporting by Dan Freed; Editing by Bill Rigby and Richard Chang)

Stocks treated in this article : JPMorgan Chase & Co., Wells Fargo & Co
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Financials (USD)
Sales 2019 84 415 M
EBIT 2019 29 248 M
Net income 2019 20 024 M
Debt 2019 -
Yield 2019 3,56%
P/E ratio 2019 11,9x
P/E ratio 2020 12,4x
Capi. / Sales2019 2,70x
Capi. / Sales2020 2,84x
Capitalization 228 B
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Mean consensus HOLD
Number of Analysts 31
Average target price 50,81  $
Last Close Price 53,80  $
Spread / Highest target 11,5%
Spread / Average Target -5,55%
Spread / Lowest Target -21,9%
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Managers
NameTitle
Charles William Scharf President, Chief Executive Officer & Director
Elizabeth A. Duke Independent Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Saul van Beurden Head-Technology
Gary Owen Chief Information Security Officer
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