Wells Fargo (WFC) said early Friday that its net income rose to $5.9 billion, or $1.05 per share, for first quarter 2014, up nearly 14% from $5.2 billion, or $0.92 per share, a year ago—beating analysts’ expectations.
Its wealth-management, though, grew net income 41% year over year to $475 million. Revenues increased 8% from a year ago to about $3.5 billion, thanks to “strong growth in asset-based fees and higher net interest income,” the company says.
On a call with equity analysts, Chairman and CEO John Stumpf was asked about acquisitions that might enhance the bank’s fee-based businesses. “We don’t need to do anything. That’s the beauty here, but we’re always looking at things in an opportunistic way,” he replied.
The bank has surpassed its capital requirements, so it has the resources to make a deal happen, Stumpf added.
One of the questions it is asking itself is, “Is there a way to enhance Wealth, Brokerage and Retirement? Possibly, and that would be interesting to us …,” the executive shared. “But again, if we don’t do anything, that’s just, you know, that’s also fine.”