How to qualify for bank loan w_老虎社区_美港股上老虎

2021-07-15

How to qualify for bank loan when market still under covid 19 control?

Wells Fargo Reports Another Disappointing Quarter: Interest Income Flat As Average Loans Tumble<blockquote>富国银行报告另一个令人失望的季度：平均贷款暴跌，利息收入持平</blockquote>

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And while CEO Charlie Scharf said that \"Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency\" he cautioned again that \"the headwinds of low interest rates and tepid loan demand remained.”<blockquote>虽然该银行公布第二季度总收入为 202.70 亿美元，增长 11%，超出预期的 177.5 亿美元，每股收益为 1.38 美元，也高于预期的 0.98（该数字包括出售学生贷款的 1.47 亿美元收益，以及相关商誉的 7900 万美元减记），但现实情况是，多年来困扰 Wells 的同样问题仍然是首要问题，包括贷款增长缓慢和净利息收入低迷。尽管首席执行官查理·沙夫 (Charlie Scharf) 表示“富国银行受益于持续的经济复苏、强劲的市场帮助推动了我们附属风险投资业务的收益，以及我们在提高效率方面取得的进展”，但他再次警告说“低利率和贷款需求不温不火的阻力依然存在。”</blockquote> <img src=\"https://static.tigerbbs.com/43e8458e4d8e98b8d9fdbaad26e8830b\" tg-width=\"1085\" tg-height=\"514\"><blockquote></blockquote> And, like all the other big money-center banks, a bit portion of the bottom line EPS print - and beat - came from reserve releases, $1.639 billion, or $0.30/share, to be precise.<blockquote>而且，与所有其他大型货币中心银行一样，每股收益的底线有一小部分来自准备金释放，准确地说是 16.39 亿美元，即每股 0.30 美元。</blockquote> <img src=\"https://static.tigerbbs.com/50925646aa4cc77750cec18374234e76\" tg-width=\"956\" tg-height=\"543\"><blockquote></blockquote> Digging a bit below the surface reveals that once again not all was well with the bank missing across all key operating metrics:<blockquote>深入挖掘表面之下就会发现，该银行在所有关键运营指标上都缺失，并非一切顺利：</blockquote> <ul> <li>Net Interest Income $8.80B, Est. $8.97B</li> <li>2Q Net Interest Margin 2.02%, Est. 2.05%</li> <li>Efficiency Ratio 66%, Est. 76.6%</li> <li>Loans $854.75B, Est. $855.72B</li> <li>Total Average Loans $854.7B</li> <li>Recovery of Credit Losses $1.26B, Est. Recovery $545.4M</li> <li>Wells Fargo Expect Charge-Offs Will Increase at Some Point</li> <li>Wells Fargo Continues to See Strong Trends in All Businesses</li> </ul> To be sure, the top line improvement was a welcome change for a company whose revenue have stagnated for the better part of a year...<blockquote><ul><li>净利息收入 $8.80B，预计。$89.7亿美元</li><li>预计第二季度净息差为 2.02%。2.05%</li><li>效率比66%，预计。76.6%</li><li>预计贷款$854.75B。$8557.2B</li><li>平均贷款总额 $854.7B</li><li>预计收回信用损失$1.26B。回收 5.454 亿美元</li><li>富国银行预计冲销将在某个时候增加</li><li>富国银行继续看到所有业务的强劲趋势</li></ul>可以肯定的是，对于一家收入在一年的大部分时间里停滞不前的公司来说，营收的改善是一个受欢迎的变化……</blockquote> <img src=\"https://static.tigerbbs.com/94d49ac59dbde6f346e853ae32a3ca03\" tg-width=\"555\" tg-height=\"313\">... helping lift Net Income to pre-covid levels.<blockquote>...帮助将净利润提升到新冠疫情前的水平。</blockquote> <img src=\"https://static.tigerbbs.com/97094bfdcc5421c2c70ce7bf6b3f2413\" tg-width=\"586\" tg-height=\"317\">A quick note on taxes: readers may recall that last year the bank benefited form an artificially low 6.4% effective tax rate. Well, no more, and in Q2 it bounced back over 19%, with the bank saying that it “retroactively changed the accounting for certain tax-advantaged investments to better align the financial statement presentation of the economic impact of these investments with the related tax credits.”<blockquote>关于税收的快速说明：读者可能还记得，去年该银行受益于人为降低的 6.4% 有效税率。好吧，没有了，第二季度反弹了 19% 以上，该银行表示 “追溯性地改变了某些税收优惠投资的会计处理，以便更好地使这些投资的经济影响的财务报表列报与相关税收抵免保持一致”。</blockquote> That means changing the bank’s accounting for low-income housing tax credit investments from one kind of accounting (“equity method”) to another (“the proportional amortization method.”). As Bloomberg notes, the bank also shifted the presentation of investment tax credits related to solar investments -- reclassifying investment tax credits (“from accrued expenses and other liabilities to a reduction of the carrying value of the investment balances.”). \"All that actually had an impact: Quarterly results for last year’s second and third quarters changed, because the new system “improved our efficiency ratio and generally increased our effective income tax rate from what was previously reported.\"<blockquote>这意味着要将银行对低收入住房税收抵免投资的会计核算方法从一种会计核算方法（“权益法”）改为另一种会计核算方法（“比例摊销法”）。正如彭博社指出的那样，该银行还改变了与太阳能投资相关的投资税收抵免的列报方式——对投资税收抵免进行了重新分类（“从应计费用和其他负债改为减少投资余额的账面价值。”）。“所有这些实际上都产生了影响： 去年第二和第三季度的季度业绩发生了变化，因为新系统 “提高了我们的效率比率，并普遍提高了我们之前报告的有效所得税率”。</blockquote> Looking at the big picture, there were a number of asterisks here:<blockquote>从大局来看，这里有许多星号：</blockquote> First, both the top and bottom line included anet gain from equity securities of $2.7 billion, up from $533 million in 2Q20 and $392 million in 1Q21.<blockquote>首先，顶线和底线都包括一个股本证券净收益27亿美元高于2020年第二季度的 5.33 亿美元和2021年第一季度的 3.92 亿美元。</blockquote> Second the bank's net income of $6 billion was boosted by a larger-than-expected release of loan-loss reserves. To wit, the bank noted that results included a $1.6 billion pre-tax reduction in the allowance for credit losses, and charge-offs continued to decline. Here, Scharff cautioned that even though he continues to see strong trends in all of our businesses,he expects charge-offs to increase at some point.Meanwhile, the bank's provision for credit losses decreased by $10.8 billion.<blockquote>其次，该行60亿美元的净利润得益于超出预期的贷款损失准备金的释放。也就是说，该银行指出，业绩包括信贷损失准备金税前减少 16 亿美元，并且冲销继续下降。在此，沙尔夫警告说，尽管他继续看到我们所有业务的强劲趋势，他预计卸货会在某个时候增加。与此同时，该银行的信贷损失准备金减少了108亿美元。</blockquote> <img src=\"https://static.tigerbbs.com/f4b1beac2869b8a0a0d7d459bb7abe1d\" tg-width=\"1096\" tg-height=\"516\"><blockquote></blockquote> Things were especially ugly innet interest income, which tumbled a whopping 11% to $8.8BN from $9.9BNand flat sequentially. The bank blamed the fall on lower interest, lower loan balances due to weak demand and elevated prepayments. But it’s “stable” compared with last quarter, per the release. As a result, Net Interest Margin also slumped, dropping from 2.05% to 2.02%, missing expectations and another all time low.<blockquote>事情特别丑陋净利息收入从 99 亿美元骤降 11% 至 88 亿美元依次变平。该银行将下降归咎于利率下降、需求疲软和预付款增加导致贷款余额下降。但根据新闻稿，与上一季度相比是 “稳定的”。因此，净息差也暴跌，从2.05%降至2.02%，不及预期，再创历史新低。</blockquote> <img src=\"https://static.tigerbbs.com/e1d6dd9adfa205bcd0e623a66f3c9ad7\" tg-width=\"568\" tg-height=\"368\">Commenting on this ongoing decline in Net Interest Income, the bank blamed it on lower rateseven though rates actually jumped substantially in Q2 both sequentially and Y/Y.<blockquote>对于净利息收入的持续下降，该银行将其归咎于较低的利率尽管第二季度的利率实际上环比和同比都大幅上涨。</blockquote> <ul> <li>Net interest income decreased $1.1&nbsp;billion, or 11%, YoY reflecting the impact of lower interest rates, lower loan balances due to soft demand and elevated prepayments, as well as higher mortgage-backed securities (MBS) premium amortization,partially offset by a decline in long-term debt</li> <li>Net interest income was stable compared with 1Q21 as favorable hedge ineffectiveness accounting results, higher Paycheck Protection Program (PPP) income, and one additional day in the quarter were offset by lower loan balancesand the impact of lower interest rates</li> </ul> Taking a deep dive into Wells Fargo’s consumer banking and lending, showed total revenue of $8.7 billion was up 14% year over year, and up just a tad from the first quarter. Consumer and small business banking’s $4.7 billion was up 40% year over year “driven by higher servicing income and higher mortgage origination and sales revenue,” but was also down 7% from last quarter.<blockquote><ul><li>净利息收入同比减少 11 亿美元，即 11%，反映了利率下降、需求疲软和预付款增加导致贷款余额减少以及抵押贷款支持证券 (MBS) 溢价摊销增加的影响，部分被长期债务下降所抵消</li><li>与2021年第一季度相比，净利息收入保持稳定，因为有利的对冲无效会计结果、较高的工资保护计划 (PPP) 收入以及本季度增加一天被较低的贷款余额所抵消以及较低利率的影响</li></ul>深入研究富国银行的消费银行和贷款业务，发现总收入为 87 亿美元，同比增长 14%，仅比第一季度略有增长。消费和小企业银行业务的 47 亿美元同比增长 40%，“受服务收入增加以及抵押贷款发放和销售收入增加的推动 ”推动，但也比上一季度下降了 7%。</blockquote> <img src=\"https://static.tigerbbs.com/6f0efdc5053169240e4346034a788f83\" tg-width=\"1101\" tg-height=\"531\">Why? Wells explains “Lower retail held-for-sale originations and gain-on-sale margins were partially offset by higher income related to the re-securitization of loans purchased from mortgage-backed securities.”<blockquote>为什么？威尔斯解释说：“零售持有待售发起额和销售利润率的降低，部分被与从抵押贷款支持证券购买的贷款再证券化相关的收入增加所抵消。”</blockquote> Looking at the bank's bread and butter, Bloomberg notes that average loan balances of $331.9 billion were down from $353.1 billion last quarter (and $369.6 billion a year ago), while Wells Fargo’s $835.8 billion of average deposit balances were up from last quarter’s $789.4 billion $715.1 billion a year ago, all thanks to QE (more on this in a subsequent post).<blockquote>彭博社指出，富国银行的平均贷款余额为 3319 亿美元，低于上一季度的 3531 亿美元（去年同期为 3696 亿美元），而富国银行的平均存款余额为 8358 亿美元，高于上一季度的 7894 亿美元，高于一年前的 7151 亿美元，这一切都要归功于量化宽松政策（更多详情请见后续文章）。</blockquote> And this was the main reason for our downbeat take on Wells' results: the bank's average loans tumbled (again) in the second quarter as consumers and businesses, buoyed by pandemic stimulus programs, refrained from more borrowing. As shown below,the average balance of the bank’s lending book dropped 12% to $854.7 billion.The result mirrored a similar decline at Bank of America Corp., which said earlier that loans and leases in its consumer-banking unit also fell 12%.<blockquote>这也是我们对富国银行业绩持悲观态度的主要原因：由于消费者和企业在大流行刺激计划的提振下避免了更多借款，该银行的平均贷款在第二季度（再次）暴跌。如下所示，该银行的平均贷款余额下降了 12%，降至 8,547 亿美元。这一结果反映了美国银行（Bank of America Corp.）的类似下滑，该银行早些时候表示，其消费者银行部门的贷款和租赁也下降了12%。</blockquote> <img src=\"https://static.tigerbbs.com/301df1ead2de6fad97478bb19245e9d7\" tg-width=\"1086\" tg-height=\"561\"><blockquote></blockquote> Needless to say, you can't have a broad economic growth without loan growth.<blockquote>不用说，没有贷款增长，就不可能有广泛的经济增长。</blockquote> This brings up the $64K question: with Investors and analysts asking where’s loan growth, Wells still can't answer, and it certainly wasn't to be found in the bank's commercial banking business: The firm saw middle-market banking revenue fall 9% year-over-year, with the decline driven by reduced client demand and line utilization.<blockquote>这就引出了 6.4 万美元的问题： 当投资者和分析师询问贷款增长在哪里时，富国银行仍然无法回答，而且在该银行的商业银行业务中肯定找不到这个问题： 该公司的中端市场银行业务收入同比下降了 9%，下降的主要原因是客户需求和额度利用率下降。</blockquote> On credit performance, net charge-offs (as a percentage of average loans) hit 0.43%, up a tiny bit from last quarter’s 0.42% -- but down from last year’s 0.6%.<blockquote>在信贷表现方面，净冲销率（占平均贷款的百分比）达到 0.43%，比上一季度的 0.42% 略有上升，但低于去年的 0.6%。</blockquote> While interest income missed expectations, expenses also declined, and were down $1.2 billion Y/Y to $13.3 billion, thanks to a 1% drop in personnel expense, while non-personnel expenses were down $1.1 billion, or 20%, \"due to lower operating losses, as well as lower professional and outside services expense reflecting efficiency initiatives to reduce our spend on consultants and contractors.\"<blockquote>虽然利息收入低于预期，但费用也有所下降，由于人员费用下降 1%，同比下降 12 亿美元至 133 亿美元，而非人员费用下降 11 亿美元，即 20%，“由于运营亏损减少，以及专业和外部服务费用的降低，反映了减少顾问和承包商支出的效率举措。”</blockquote> <img src=\"https://static.tigerbbs.com/d00bbab6b1cd81dc9dddcbf3cdfd39f7\" tg-width=\"609\" tg-height=\"440\">It looks like Wells Fargo’s dealmakers weren’t as prosperous as the investment bankers over at JPMorgan and Goldman Sachs who stole the show yesterday with a flurry of deals driving the firms’ results. Wells Fargo saw investment banking revenue weaken by $37 million from the same time last year. It’s interesting because Scharf has taken steps to strengthen that division, even as he’s gone about pruning businesses deemed inefficient. Out of the six largest U.S. banks, Wells Fargo’s investment banking division is the smallest in terms of market share.<blockquote>看来富国银行的交易撮合者并不像摩根大通和高盛的投资银行家那样兴旺，他们昨天以一连串的交易推动了两家公司的业绩，抢尽了风头。富国银行的投资银行收入较去年同期下降了 3700 万美元。这很有趣，因为沙夫已经采取措施加强这一部门，尽管他一直在削减被认为效率低下的业务。在美国六大银行中，富国银行的投资银行部门的市场份额最小。</blockquote> Taking a quick look at the bank's modest corporate and investment banking division, which is far less material than its peers, we find that Wells bankers were not nearly as prosperous as the investment bankers over at JPMorgan and Goldman Sachs who stole the show yesterday with a flurry of deals driving the firms’ results. Wells Fargo saw investment banking revenue weaken by $37 million from the same time last year, even though Scharf has allegedly taken steps to strengthen that division, even as he’s gone about pruning businesses deemed inefficient. Out of the six largest U.S. banks, Wells Fargo’s investment banking division is the smallest in terms of market share.<blockquote>我们快速浏览一下富国银行规模不大的企业和投资银行部门，该部门的实质性远不如同行，就会发现富国银行的银行家们远没有摩根大通和高盛的投资银行家们那么兴旺，后者昨天以一系列交易推动了两家公司的业绩，抢尽了风头。富国银行的投资银行业务收入比去年同期减少了 3700 万美元，尽管据称沙夫已采取措施加强该部门，尽管他一直在削减被认为效率低下的业务。在美国六大银行中，富国银行的投资银行部门的市场份额最小。</blockquote> <img src=\"https://static.tigerbbs.com/81990d180e134d0e7530c36ed8a22424\" tg-width=\"563\" tg-height=\"513\">Finally, in a testament to how the bank sees its own futures, headcount fell to 259,000 from 276,000 a year ago. That reduction helped to drive noninterest expenses at the bank down 8% from the same time last year. This was perhaps to be expected: Scharf has made trimming costs a priority, and the bank broke with competitors by resuming job cuts in August.<blockquote>最后，员工人数从一年前的 276,000 人降至 259,000 人，这证明了该银行如何看待自己的未来。这一减少帮助该银行的非利息支出比去年同期下降了 8%。这也许是意料之中的：沙夫已将削减成本作为首要任务，该银行通过在 8 月份恢复裁员与竞争对手决裂。</blockquote> The bottom line: as Bloomberg summarizes, consumers are still keeping up with their bills and employment has been improving, allowing banks to once again release billions in reserves they’d set aside during the worst of the pandemic. That’s bolstered profits. Still, the massive stimulus the U.S. government has pumped into the economy means there’s little demand for loans, hindering revenue especially at loan-intensive banks such as Wells.<blockquote>底线： 正如彭博社总结的那样，消费者仍在支付账单，就业也在改善，这使得银行能够再次释放在大流行病最严重时期预留的数十亿美元准备金。这提高了利润。尽管如此，美国政府向经济注入的大规模刺激措施意味着贷款需求很小，这阻碍了收入，尤其是富国银行等贷款密集型银行的收入。</blockquote> In immediate response, the market pushed WFC stock higher, but having time to digest the results, the stock is now again drifting lower.<blockquote>作为立即反应，市场推高了WFC股票，但有时间消化结果，该股现在再次走低。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wells Fargo Reports Another Disappointing Quarter: Interest Income Flat As Average Loans Tumble<blockquote>富国银行报告另一个令人失望的季度：平均贷款暴跌，利息收入持平</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWells Fargo Reports Another Disappointing Quarter: Interest Income Flat As Average Loans Tumble<blockquote>富国银行报告另一个令人失望的季度：平均贷款暴跌，利息收入持平</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-07-15 11:41\n\n</h4>\n</header>\n<article>\nAfter the solid results from both JPM, Goldman, and BofA (which saw strong equity trading offset by a slump in FICC) we got the now traditional disappointment from Wells Fargo which reported Q2 earnings that were mixed at best.<blockquote>在摩根大通、高盛和美国银行取得稳健业绩（强劲的股票交易被 FICC 的暴跌所抵消）之后，我们得到了富国银行现在传统的失望，该公司报告的第二季度收益充其量好坏参半。</blockquote> While the bank reported Q2 total revenue of $20.270BN, up 11%, and beating estimates of $17.75BN, with EPS of $1.38 also stronger than the 0.98 expected (a number which included a $147M Gain on Sale of Student Loans, and a $79M Write-Down of Related Goodwill),&nbsp; the reality is that the same issues that have plagued Wells for years remained front and center, including slugging loan growth and depressed net interest income. And while CEO Charlie Scharf said that \"Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency\" he cautioned again that \"the headwinds of low interest rates and tepid loan demand remained.”<blockquote>虽然该银行公布第二季度总收入为 202.70 亿美元，增长 11%，超出预期的 177.5 亿美元，每股收益为 1.38 美元，也高于预期的 0.98（该数字包括出售学生贷款的 1.47 亿美元收益，以及相关商誉的 7900 万美元减记），但现实情况是，多年来困扰 Wells 的同样问题仍然是首要问题，包括贷款增长缓慢和净利息收入低迷。尽管首席执行官查理·沙夫 (Charlie Scharf) 表示“富国银行受益于持续的经济复苏、强劲的市场帮助推动了我们附属风险投资业务的收益，以及我们在提高效率方面取得的进展”，但他再次警告说“低利率和贷款需求不温不火的阻力依然存在。”</blockquote> <img src=\"https://static.tigerbbs.com/43e8458e4d8e98b8d9fdbaad26e8830b\" tg-width=\"1085\" tg-height=\"514\"><blockquote></blockquote> And, like all the other big money-center banks, a bit portion of the bottom line EPS print - and beat - came from reserve releases, $1.639 billion, or $0.30/share, to be precise.<blockquote>而且，与所有其他大型货币中心银行一样，每股收益的底线有一小部分来自准备金释放，准确地说是 16.39 亿美元，即每股 0.30 美元。</blockquote> <img src=\"https://static.tigerbbs.com/50925646aa4cc77750cec18374234e76\" tg-width=\"956\" tg-height=\"543\"><blockquote></blockquote> Digging a bit below the surface reveals that once again not all was well with the bank missing across all key operating metrics:<blockquote>深入挖掘表面之下就会发现，该银行在所有关键运营指标上都缺失，并非一切顺利：</blockquote> <ul> <li>Net Interest Income $8.80B, Est. $8.97B</li> <li>2Q Net Interest Margin 2.02%, Est. 2.05%</li> <li>Efficiency Ratio 66%, Est. 76.6%</li> <li>Loans $854.75B, Est. $855.72B</li> <li>Total Average Loans $854.7B</li> <li>Recovery of Credit Losses $1.26B, Est. Recovery $545.4M</li> <li>Wells Fargo Expect Charge-Offs Will Increase at Some Point</li> <li>Wells Fargo Continues to See Strong Trends in All Businesses</li> </ul> To be sure, the top line improvement was a welcome change for a company whose revenue have stagnated for the better part of a year...<blockquote><ul><li>净利息收入 $8.80B，预计。$89.7亿美元</li><li>预计第二季度净息差为 2.02%。2.05%</li><li>效率比66%，预计。76.6%</li><li>预计贷款$854.75B。$8557.2B</li><li>平均贷款总额 $854.7B</li><li>预计收回信用损失$1.26B。回收 5.454 亿美元</li><li>富国银行预计冲销将在某个时候增加</li><li>富国银行继续看到所有业务的强劲趋势</li></ul>可以肯定的是，对于一家收入在一年的大部分时间里停滞不前的公司来说，营收的改善是一个受欢迎的变化……</blockquote> <img src=\"https://static.tigerbbs.com/94d49ac59dbde6f346e853ae32a3ca03\" tg-width=\"555\" tg-height=\"313\">... helping lift Net Income to pre-covid levels.<blockquote>...帮助将净利润提升到新冠疫情前的水平。</blockquote> <img src=\"https://static.tigerbbs.com/97094bfdcc5421c2c70ce7bf6b3f2413\" tg-width=\"586\" tg-height=\"317\">A quick note on taxes: readers may recall that last year the bank benefited form an artificially low 6.4% effective tax rate. Well, no more, and in Q2 it bounced back over 19%, with the bank saying that it “retroactively changed the accounting for certain tax-advantaged investments to better align the financial statement presentation of the economic impact of these investments with the related tax credits.”<blockquote>关于税收的快速说明：读者可能还记得，去年该银行受益于人为降低的 6.4% 有效税率。好吧，没有了，第二季度反弹了 19% 以上，该银行表示 “追溯性地改变了某些税收优惠投资的会计处理，以便更好地使这些投资的经济影响的财务报表列报与相关税收抵免保持一致”。</blockquote> That means changing the bank’s accounting for low-income housing tax credit investments from one kind of accounting (“equity method”) to another (“the proportional amortization method.”). As Bloomberg notes, the bank also shifted the presentation of investment tax credits related to solar investments -- reclassifying investment tax credits (“from accrued expenses and other liabilities to a reduction of the carrying value of the investment balances.”). \"All that actually had an impact: Quarterly results for last year’s second and third quarters changed, because the new system “improved our efficiency ratio and generally increased our effective income tax rate from what was previously reported.\"<blockquote>这意味着要将银行对低收入住房税收抵免投资的会计核算方法从一种会计核算方法（“权益法”）改为另一种会计核算方法（“比例摊销法”）。正如彭博社指出的那样，该银行还改变了与太阳能投资相关的投资税收抵免的列报方式——对投资税收抵免进行了重新分类（“从应计费用和其他负债改为减少投资余额的账面价值。”）。“所有这些实际上都产生了影响： 去年第二和第三季度的季度业绩发生了变化，因为新系统 “提高了我们的效率比率，并普遍提高了我们之前报告的有效所得税率”。</blockquote> Looking at the big picture, there were a number of asterisks here:<blockquote>从大局来看，这里有许多星号：</blockquote> First, both the top and bottom line included anet gain from equity securities of $2.7 billion, up from $533 million in 2Q20 and $392 million in 1Q21.<blockquote>首先，顶线和底线都包括一个股本证券净收益27亿美元高于2020年第二季度的 5.33 亿美元和2021年第一季度的 3.92 亿美元。</blockquote> Second the bank's net income of $6 billion was boosted by a larger-than-expected release of loan-loss reserves. To wit, the bank noted that results included a $1.6 billion pre-tax reduction in the allowance for credit losses, and charge-offs continued to decline. Here, Scharff cautioned that even though he continues to see strong trends in all of our businesses,he expects charge-offs to increase at some point.Meanwhile, the bank's provision for credit losses decreased by $10.8 billion.<blockquote>其次，该行60亿美元的净利润得益于超出预期的贷款损失准备金的释放。也就是说，该银行指出，业绩包括信贷损失准备金税前减少 16 亿美元，并且冲销继续下降。在此，沙尔夫警告说，尽管他继续看到我们所有业务的强劲趋势，他预计卸货会在某个时候增加。与此同时，该银行的信贷损失准备金减少了108亿美元。</blockquote> <img src=\"https://static.tigerbbs.com/f4b1beac2869b8a0a0d7d459bb7abe1d\" tg-width=\"1096\" tg-height=\"516\"><blockquote></blockquote> Things were especially ugly innet interest income, which tumbled a whopping 11% to $8.8BN from $9.9BNand flat sequentially. The bank blamed the fall on lower interest, lower loan balances due to weak demand and elevated prepayments. But it’s “stable” compared with last quarter, per the release. As a result, Net Interest Margin also slumped, dropping from 2.05% to 2.02%, missing expectations and another all time low.<blockquote>事情特别丑陋净利息收入从 99 亿美元骤降 11% 至 88 亿美元依次变平。该银行将下降归咎于利率下降、需求疲软和预付款增加导致贷款余额下降。但根据新闻稿，与上一季度相比是 “稳定的”。因此，净息差也暴跌，从2.05%降至2.02%，不及预期，再创历史新低。</blockquote> <img src=\"https://static.tigerbbs.com/e1d6dd9adfa205bcd0e623a66f3c9ad7\" tg-width=\"568\" tg-height=\"368\">Commenting on this ongoing decline in Net Interest Income, the bank blamed it on lower rateseven though rates actually jumped substantially in Q2 both sequentially and Y/Y.<blockquote>对于净利息收入的持续下降，该银行将其归咎于较低的利率尽管第二季度的利率实际上环比和同比都大幅上涨。</blockquote> <ul> <li>Net interest income decreased $1.1&nbsp;billion, or 11%, YoY reflecting the impact of lower interest rates, lower loan balances due to soft demand and elevated prepayments, as well as higher mortgage-backed securities (MBS) premium amortization,partially offset by a decline in long-term debt</li> <li>Net interest income was stable compared with 1Q21 as favorable hedge ineffectiveness accounting results, higher Paycheck Protection Program (PPP) income, and one additional day in the quarter were offset by lower loan balancesand the impact of lower interest rates</li> </ul> Taking a deep dive into Wells Fargo’s consumer banking and lending, showed total revenue of $8.7 billion was up 14% year over year, and up just a tad from the first quarter. Consumer and small business banking’s $4.7 billion was up 40% year over year “driven by higher servicing income and higher mortgage origination and sales revenue,” but was also down 7% from last quarter.<blockquote><ul><li>净利息收入同比减少 11 亿美元，即 11%，反映了利率下降、需求疲软和预付款增加导致贷款余额减少以及抵押贷款支持证券 (MBS) 溢价摊销增加的影响，部分被长期债务下降所抵消</li><li>与2021年第一季度相比，净利息收入保持稳定，因为有利的对冲无效会计结果、较高的工资保护计划 (PPP) 收入以及本季度增加一天被较低的贷款余额所抵消以及较低利率的影响</li></ul>深入研究富国银行的消费银行和贷款业务，发现总收入为 87 亿美元，同比增长 14%，仅比第一季度略有增长。消费和小企业银行业务的 47 亿美元同比增长 40%，“受服务收入增加以及抵押贷款发放和销售收入增加的推动 ”推动，但也比上一季度下降了 7%。</blockquote> <img src=\"https://static.tigerbbs.com/6f0efdc5053169240e4346034a788f83\" tg-width=\"1101\" tg-height=\"531\">Why? Wells explains “Lower retail held-for-sale originations and gain-on-sale margins were partially offset by higher income related to the re-securitization of loans purchased from mortgage-backed securities.”<blockquote>为什么？威尔斯解释说：“零售持有待售发起额和销售利润率的降低，部分被与从抵押贷款支持证券购买的贷款再证券化相关的收入增加所抵消。”</blockquote> Looking at the bank's bread and butter, Bloomberg notes that average loan balances of $331.9 billion were down from $353.1 billion last quarter (and $369.6 billion a year ago), while Wells Fargo’s $835.8 billion of average deposit balances were up from last quarter’s $789.4 billion $715.1 billion a year ago, all thanks to QE (more on this in a subsequent post).<blockquote>彭博社指出，富国银行的平均贷款余额为 3319 亿美元，低于上一季度的 3531 亿美元（去年同期为 3696 亿美元），而富国银行的平均存款余额为 8358 亿美元，高于上一季度的 7894 亿美元，高于一年前的 7151 亿美元，这一切都要归功于量化宽松政策（更多详情请见后续文章）。</blockquote> And this was the main reason for our downbeat take on Wells' results: the bank's average loans tumbled (again) in the second quarter as consumers and businesses, buoyed by pandemic stimulus programs, refrained from more borrowing. As shown below,the average balance of the bank’s lending book dropped 12% to $854.7 billion.The result mirrored a similar decline at Bank of America Corp., which said earlier that loans and leases in its consumer-banking unit also fell 12%.<blockquote>这也是我们对富国银行业绩持悲观态度的主要原因：由于消费者和企业在大流行刺激计划的提振下避免了更多借款，该银行的平均贷款在第二季度（再次）暴跌。如下所示，该银行的平均贷款余额下降了 12%，降至 8,547 亿美元。这一结果反映了美国银行（Bank of America Corp.）的类似下滑，该银行早些时候表示，其消费者银行部门的贷款和租赁也下降了12%。</blockquote> <img src=\"https://static.tigerbbs.com/301df1ead2de6fad97478bb19245e9d7\" tg-width=\"1086\" tg-height=\"561\"><blockquote></blockquote> Needless to say, you can't have a broad economic growth without loan growth.<blockquote>不用说，没有贷款增长，就不可能有广泛的经济增长。</blockquote> This brings up the $64K question: with Investors and analysts asking where’s loan growth, Wells still can't answer, and it certainly wasn't to be found in the bank's commercial banking business: The firm saw middle-market banking revenue fall 9% year-over-year, with the decline driven by reduced client demand and line utilization.<blockquote>这就引出了 6.4 万美元的问题： 当投资者和分析师询问贷款增长在哪里时，富国银行仍然无法回答，而且在该银行的商业银行业务中肯定找不到这个问题： 该公司的中端市场银行业务收入同比下降了 9%，下降的主要原因是客户需求和额度利用率下降。</blockquote> On credit performance, net charge-offs (as a percentage of average loans) hit 0.43%, up a tiny bit from last quarter’s 0.42% -- but down from last year’s 0.6%.<blockquote>在信贷表现方面，净冲销率（占平均贷款的百分比）达到 0.43%，比上一季度的 0.42% 略有上升，但低于去年的 0.6%。</blockquote> While interest income missed expectations, expenses also declined, and were down $1.2 billion Y/Y to $13.3 billion, thanks to a 1% drop in personnel expense, while non-personnel expenses were down $1.1 billion, or 20%, \"due to lower operating losses, as well as lower professional and outside services expense reflecting efficiency initiatives to reduce our spend on consultants and contractors.\"<blockquote>虽然利息收入低于预期，但费用也有所下降，由于人员费用下降 1%，同比下降 12 亿美元至 133 亿美元，而非人员费用下降 11 亿美元，即 20%，“由于运营亏损减少，以及专业和外部服务费用的降低，反映了减少顾问和承包商支出的效率举措。”</blockquote> <img src=\"https://static.tigerbbs.com/d00bbab6b1cd81dc9dddcbf3cdfd39f7\" tg-width=\"609\" tg-height=\"440\">It looks like Wells Fargo’s dealmakers weren’t as prosperous as the investment bankers over at JPMorgan and Goldman Sachs who stole the show yesterday with a flurry of deals driving the firms’ results. Wells Fargo saw investment banking revenue weaken by $37 million from the same time last year. It’s interesting because Scharf has taken steps to strengthen that division, even as he’s gone about pruning businesses deemed inefficient. Out of the six largest U.S. banks, Wells Fargo’s investment banking division is the smallest in terms of market share.<blockquote>看来富国银行的交易撮合者并不像摩根大通和高盛的投资银行家那样兴旺，他们昨天以一连串的交易推动了两家公司的业绩，抢尽了风头。富国银行的投资银行收入较去年同期下降了 3700 万美元。这很有趣，因为沙夫已经采取措施加强这一部门，尽管他一直在削减被认为效率低下的业务。在美国六大银行中，富国银行的投资银行部门的市场份额最小。</blockquote> Taking a quick look at the bank's modest corporate and investment banking division, which is far less material than its peers, we find that Wells bankers were not nearly as prosperous as the investment bankers over at JPMorgan and Goldman Sachs who stole the show yesterday with a flurry of deals driving the firms’ results. Wells Fargo saw investment banking revenue weaken by $37 million from the same time last year, even though Scharf has allegedly taken steps to strengthen that division, even as he’s gone about pruning businesses deemed inefficient. Out of the six largest U.S. banks, Wells Fargo’s investment banking division is the smallest in terms of market share.<blockquote>我们快速浏览一下富国银行规模不大的企业和投资银行部门，该部门的实质性远不如同行，就会发现富国银行的银行家们远没有摩根大通和高盛的投资银行家们那么兴旺，后者昨天以一系列交易推动了两家公司的业绩，抢尽了风头。富国银行的投资银行业务收入比去年同期减少了 3700 万美元，尽管据称沙夫已采取措施加强该部门，尽管他一直在削减被认为效率低下的业务。在美国六大银行中，富国银行的投资银行部门的市场份额最小。</blockquote> <img src=\"https://static.tigerbbs.com/81990d180e134d0e7530c36ed8a22424\" tg-width=\"563\" tg-height=\"513\">Finally, in a testament to how the bank sees its own futures, headcount fell to 259,000 from 276,000 a year ago. That reduction helped to drive noninterest expenses at the bank down 8% from the same time last year. This was perhaps to be expected: Scharf has made trimming costs a priority, and the bank broke with competitors by resuming job cuts in August.<blockquote>最后，员工人数从一年前的 276,000 人降至 259,000 人，这证明了该银行如何看待自己的未来。这一减少帮助该银行的非利息支出比去年同期下降了 8%。这也许是意料之中的：沙夫已将削减成本作为首要任务，该银行通过在 8 月份恢复裁员与竞争对手决裂。</blockquote> The bottom line: as Bloomberg summarizes, consumers are still keeping up with their bills and employment has been improving, allowing banks to once again release billions in reserves they’d set aside during the worst of the pandemic. That’s bolstered profits. Still, the massive stimulus the U.S. government has pumped into the economy means there’s little demand for loans, hindering revenue especially at loan-intensive banks such as Wells.<blockquote>底线： 正如彭博社总结的那样，消费者仍在支付账单，就业也在改善，这使得银行能够再次释放在大流行病最严重时期预留的数十亿美元准备金。这提高了利润。尽管如此，美国政府向经济注入的大规模刺激措施意味着贷款需求很小，这阻碍了收入，尤其是富国银行等贷款密集型银行的收入。</blockquote> In immediate response, the market pushed WFC stock higher, but having time to digest the results, the stock is now again drifting lower.<blockquote>作为立即反应，市场推高了WFC股票，但有时间消化结果，该股现在再次走低。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/wells-fargo-reports-another-disappointing-quarter-interest-income-flat-average-loans-tumble\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WFC":"富国银行"},"source_url":"https://www.zerohedge.com/markets/wells-fargo-reports-another-disappointing-quarter-interest-income-flat-average-loans-tumble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137262141","content_text":"After the solid results from both JPM, Goldman, and BofA (which saw strong equity trading offset by a slump in FICC) we got the now traditional disappointment from Wells Fargo which reported Q2 earnings that were mixed at best.\nWhile the bank reported Q2 total revenue of $20.270BN, up 11%, and beating estimates of $17.75BN, with EPS of $1.38 also stronger than the 0.98 expected (a number which included a $147M Gain on Sale of Student Loans, and a $79M Write-Down of Related Goodwill),  the reality is that the same issues that have plagued Wells for years remained front and center, including slugging loan growth and depressed net interest income. And while CEO Charlie Scharf said that \"Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency\" he cautioned again that \"the headwinds of low interest rates and tepid loan demand remained.”\n\nAnd, like all the other big money-center banks, a bit portion of the bottom line EPS print - and beat - came from reserve releases, $1.639 billion, or $0.30/share, to be precise.\n\nDigging a bit below the surface reveals that once again not all was well with the bank missing across all key operating metrics:\n\nNet Interest Income $8.80B, Est. $8.97B\n2Q Net Interest Margin 2.02%, Est. 2.05%\nEfficiency Ratio 66%, Est. 76.6%\nLoans $854.75B, Est. $855.72B\nTotal Average Loans $854.7B\nRecovery of Credit Losses $1.26B, Est. Recovery $545.4M\nWells Fargo Expect Charge-Offs Will Increase at Some Point\nWells Fargo Continues to See Strong Trends in All Businesses\n\nTo be sure, the top line improvement was a welcome change for a company whose revenue have stagnated for the better part of a year...\n... helping lift Net Income to pre-covid levels.\nA quick note on taxes: readers may recall that last year the bank benefited form an artificially low 6.4% effective tax rate. Well, no more, and in Q2 it bounced back over 19%, with the bank saying that it “retroactively changed the accounting for certain tax-advantaged investments to better align the financial statement presentation of the economic impact of these investments with the related tax credits.”\nThat means changing the bank’s accounting for low-income housing tax credit investments from one kind of accounting (“equity method”) to another (“the proportional amortization method.”). As Bloomberg notes, the bank also shifted the presentation of investment tax credits related to solar investments -- reclassifying investment tax credits (“from accrued expenses and other liabilities to a reduction of the carrying value of the investment balances.”). \"All that actually had an impact: Quarterly results for last year’s second and third quarters changed, because the new system “improved our efficiency ratio and generally increased our effective income tax rate from what was previously reported.\"\nLooking at the big picture, there were a number of asterisks here:\nFirst, both the top and bottom line included anet gain from equity securities of $2.7 billion, up from $533 million in 2Q20 and $392 million in 1Q21.\nSecond the bank's net income of $6 billion was boosted by a larger-than-expected release of loan-loss reserves. To wit, the bank noted that results included a $1.6 billion pre-tax reduction in the allowance for credit losses, and charge-offs continued to decline. Here, Scharff cautioned that even though he continues to see strong trends in all of our businesses,he expects charge-offs to increase at some point.Meanwhile, the bank's provision for credit losses decreased by $10.8 billion.\n\nThings were especially ugly innet interest income, which tumbled a whopping 11% to $8.8BN from $9.9BNand flat sequentially. The bank blamed the fall on lower interest, lower loan balances due to weak demand and elevated prepayments. But it’s “stable” compared with last quarter, per the release. As a result, Net Interest Margin also slumped, dropping from 2.05% to 2.02%, missing expectations and another all time low.\nCommenting on this ongoing decline in Net Interest Income, the bank blamed it on lower rateseven though rates actually jumped substantially in Q2 both sequentially and Y/Y.\n\nNet interest income decreased $1.1 billion, or 11%, YoY reflecting the impact of lower interest rates, lower loan balances due to soft demand and elevated prepayments, as well as higher mortgage-backed securities (MBS) premium amortization,partially offset by a decline in long-term debt\nNet interest income was stable compared with 1Q21 as favorable hedge ineffectiveness accounting results, higher Paycheck Protection Program (PPP) income, and one additional day in the quarter were offset by lower loan balancesand the impact of lower interest rates\n\nTaking a deep dive into Wells Fargo’s consumer banking and lending, showed total revenue of $8.7 billion was up 14% year over year, and up just a tad from the first quarter. Consumer and small business banking’s $4.7 billion was up 40% year over year “driven by higher servicing income and higher mortgage origination and sales revenue,” but was also down 7% from last quarter.\nWhy? Wells explains “Lower retail held-for-sale originations and gain-on-sale margins were partially offset by higher income related to the re-securitization of loans purchased from mortgage-backed securities.”\nLooking at the bank's bread and butter, Bloomberg notes that average loan balances of $331.9 billion were down from $353.1 billion last quarter (and $369.6 billion a year ago), while Wells Fargo’s $835.8 billion of average deposit balances were up from last quarter’s $789.4 billion $715.1 billion a year ago, all thanks to QE (more on this in a subsequent post).\nAnd this was the main reason for our downbeat take on Wells' results: the bank's average loans tumbled (again) in the second quarter as consumers and businesses, buoyed by pandemic stimulus programs, refrained from more borrowing. As shown below,the average balance of the bank’s lending book dropped 12% to $854.7 billion.The result mirrored a similar decline at Bank of America Corp., which said earlier that loans and leases in its consumer-banking unit also fell 12%.\n\nNeedless to say, you can't have a broad economic growth without loan growth.\nThis brings up the $64K question: with Investors and analysts asking where’s loan growth, Wells still can't answer, and it certainly wasn't to be found in the bank's commercial banking business: The firm saw middle-market banking revenue fall 9% year-over-year, with the decline driven by reduced client demand and line utilization.\nOn credit performance, net charge-offs (as a percentage of average loans) hit 0.43%, up a tiny bit from last quarter’s 0.42% -- but down from last year’s 0.6%.\nWhile interest income missed expectations, expenses also declined, and were down $1.2 billion Y/Y to $13.3 billion, thanks to a 1% drop in personnel expense, while non-personnel expenses were down $1.1 billion, or 20%, \"due to lower operating losses, as well as lower professional and outside services expense reflecting efficiency initiatives to reduce our spend on consultants and contractors.\"\nIt looks like Wells Fargo’s dealmakers weren’t as prosperous as the investment bankers over at JPMorgan and Goldman Sachs who stole the show yesterday with a flurry of deals driving the firms’ results. Wells Fargo saw investment banking revenue weaken by $37 million from the same time last year. It’s interesting because Scharf has taken steps to strengthen that division, even as he’s gone about pruning businesses deemed inefficient. Out of the six largest U.S. banks, Wells Fargo’s investment banking division is the smallest in terms of market share.\nTaking a quick look at the bank's modest corporate and investment banking division, which is far less material than its peers, we find that Wells bankers were not nearly as prosperous as the investment bankers over at JPMorgan and Goldman Sachs who stole the show yesterday with a flurry of deals driving the firms’ results. Wells Fargo saw investment banking revenue weaken by $37 million from the same time last year, even though Scharf has allegedly taken steps to strengthen that division, even as he’s gone about pruning businesses deemed inefficient. Out of the six largest U.S. banks, Wells Fargo’s investment banking division is the smallest in terms of market share.\nFinally, in a testament to how the bank sees its own futures, headcount fell to 259,000 from 276,000 a year ago. That reduction helped to drive noninterest expenses at the bank down 8% from the same time last year. This was perhaps to be expected: Scharf has made trimming costs a priority, and the bank broke with competitors by resuming job cuts in August.\nThe bottom line: as Bloomberg summarizes, consumers are still keeping up with their bills and employment has been improving, allowing banks to once again release billions in reserves they’d set aside during the worst of the pandemic. That’s bolstered profits. Still, the massive stimulus the U.S. government has pumped into the economy means there’s little demand for loans, hindering revenue especially at loan-intensive banks such as Wells.\nIn immediate response, the market pushed WFC stock higher, but having time to digest the results, the stock is now again drifting lower.","news_type":1,"symbols_score_info":{"WFC":0.9}},"isVote":1,"tweetType":1,"viewCount":1034,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":58,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/147040264"}