NEW YORK (Standard&Poor's) April 11, 2014--Wells Fargo&Co. (WFC) reported strong first-quarter results, which broadly met Standard&Poor's Ratings Services' expectations. Earnings continued to benefit from improved asset quality and reserve releases, although mortgage revenue remained substantially reduced from year-earlier levels because of lower residential mortgage originations. The trends of reduced nonperforming asset (NPAs); capital retention; and strong, diversified revenue streams continue to support our ratings on WFC (A+/Negative/A-1), which remain unchanged. WFC posted $5.6 billion in net income available to common stock (a substantial 1.47% return on average assets) in the quarter, up 14% from the year-ago quarter, and 4% from the previous quarter. Lower loan loss provisions, reflecting very good loan credit trends, continued
