Financial Data and Key Metrics - Net income for Q1 2024 was $4.6 billion, or $1.20 per diluted common share, including a $284 million FDIC special assessment [16] - Net interest income declined by $1.1 billion or 8% YoY due to higher funding costs and lower loan balances, partially offset by higher yields on earning assets [17] - Non-interest income increased by 17% YoY, driven by strong growth in investment advisory fees, brokerage commissions, and trading and investment banking fees [20] - Average loan yields increased by 69 basis points YoY to over 6%, reflecting the higher interest rate environment [18] - Average deposits declined by 1% YoY, with non-interest-bearing deposits decreasing to 26% of total deposits [19] - Net loan charge-offs declined by 3 basis points QoQ to 50 basis points of average loans, with commercial net loan charge-offs down by $131 million QoQ [24] - CET-1 ratio remained strong at 11.2%, well above the regulatory minimum of 8.9% [26] Business Line Performance - **Consumer Banking and Lending**: Revenue declined by 4% YoY, driven by lower deposit balances. Credit card revenue increased by 6% YoY, while auto revenue declined by 23% YoY [27][28] - **Commercial Banking**: Middle Market Banking revenue declined by 4% YoY, with weaker loan demand due to higher rates and economic uncertainty [30] - **Corporate and Investment Banking**: Banking revenue increased by 5% YoY, driven by higher investment banking activity. Markets revenue increased by 2% YoY, supported by strong performance in structured products and foreign exchange [31][32] - **Wealth and Investment Management**: Revenue increased by 2% YoY, with higher asset-based fees offsetting lower net interest income [33] Market and Strategic Focus - The company continues to see strength in the US economy, with consumer spending patterns remaining consistent and wholesale credit performing well [13] - Strategic priorities include improving risk and control frameworks, with over $2.5 billion spent annually on risk and control-related groups since 2018 [10][11] - The company is investing in new products, such as the Autograph Journey credit card, which has driven a 14% YoY increase in credit card spend [12] - The company is focused on increasing efficiency and reducing expenses, with headcount declining every quarter since Q3 2020 [8] Management Commentary on Operating Environment and Outlook - Management remains confident in the company's ability to increase efficiency and diversify revenue streams, particularly in fee-based businesses [14][15] - The company expects net interest income to trough towards the end of 2024, with full-year 2024 net interest income expected to be 7% to 9% lower than 2023 [17] - Management highlighted the importance of maintaining a strong capital position and returning excess capital to shareholders, with $6.1 billion in common stock repurchased in Q1 2024 [9][26] Q&A Session Highlights Profitability and ROTCE Targets - The company remains confident in achieving mid-teens ROTCE, driven by capital optimization, business investments, and efficiency initiatives [37][38] - The CET-1 ratio of 11.2% is considered conservative, with potential adjustments based on Basel III Endgame revisions [39][40] Capital Return and Buybacks - The company expects to repurchase more common stock in 2024 than in 2023, with $6.1 billion repurchased in Q1 2024 [9][43] - Excess capital provides flexibility for future buybacks, with no specific guidance on quarterly pacing [43] Deposit and Loan Trends - Deposit mix continues to shift towards interest-bearing products, with non-interest-bearing deposits declining to 26% [19][48] - Loan demand remains weak, particularly in commercial banking, due to higher rates and economic uncertainty [50][76] Credit Quality and CRE - Credit trends remain stable, with no significant deterioration in the commercial real estate office portfolio [24][81] - Credit card charge-offs are expected to peak in the coming quarters as new vintages mature [95] Investment Banking and Trading - The company is underpenetrated in investment banking, particularly in equity capital markets, and is making strategic hires to grow market share [45][64] - Trading revenue benefited from market volatility and investments in technology and talent [32][100] NII and Rate Sensitivity - The company expects net interest income to trough towards the end of 2024, with potential stabilization in deposit mix and pricing [69][106] - The outlook assumes approximately three rate cuts in 2024, with sensitivity to client behavior and deposit trends [53][60] Asset Cap and Regulatory Constraints - The asset cap remains a reputational overhang, with potential benefits from its removal, including increased trading flow and corporate deposit growth [71][73] - The company is focused on completing risk and control work before considering efficiency gains from regulatory remediation [65][66]

Wells Fargo & Company’s (WFC) first-quarter 2024 adjusted earnings per share of $1.26 surpassed the Zacks Consensus Estimate of $1.10. The adjusted figure excludes the impacts of expenses from the FDIC special assessment. In the prior-year quarter, the company reported earnings per share of $1.23.Results have benefited from higher non-interest income. An improvement in capital ratios and a decline in provisions were other positives. However, the decrease in net interest income (NII) and loan balances and an ...

1Q24 Financial Results April 12, 2024 © 2024 W ...

Wells Fargo (WFC) reported $20.86 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 0.7%. EPS of $1.26 for the same period compares to $1.23 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $20.16 billion, representing a surprise of +3.47%. The company delivered an EPS surprise of +14.55%, with the consensus EPS estimate being $1.10.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Wells Fargo (WFC) came out with quarterly earnings of $1.26 per share, beating the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $1.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.55%. A quarter ago, it was expected that this biggest U.S. mortgage lender would post earnings of $1.16 per share when it actually produced earnings of $1.29, delivering a surprise of 11.21%.Over the last four quarte ...

A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.Wells Fargo shares fell Friday after the bank reported first-quarter earnings that showed a decline in interest income.Wells said its net interest income decreased 8% in the quarter, due to the impact of higher interest rates on funding costs, including the impact of customer migration to higher yielding deposit products.Here's how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by ...

Wells Fargo & Co (NYSE: WFC), on April 12th, reported a year-on-year decrease in its first-quarter net income for the first earnings report of FY 2024. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Net income for the quarter came in at $4,.61 billion, below Q1 of 2023’s $4.99 billion. Diluted earnings per common share were reported to be $1.20. In contrast, Q1 of 2023 posted an EPS of $1.23 diluted earnings per common share. Ahead of the earnings, ...

Exhibit 99.2 1Q24 Quarterly Supplement Wells Fargo & Company and Subsidiaries QUARTERLY FINANCIAL DATA TABLE OF CONTENTS Page Consolidated Results Summary Financial Data 3 Consolidated Statement of Income 5 Consolidated Balance Sheet 6 Average Balances and Interest Rates (Taxable-Equivalent Basis) 7 Reportable Operating Segment Results Combined Segment Results 8 Consumer Banking and Lending 9 Commercial Banking 11 Corporate and Investment Banking 13 Wealth and Investment Management 15 Corporate 16 Credit-Re ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Wells Fargo (WFC) . This company, which is in the Zacks Banks - Major Regional industry, shows potential for another earnings beat.This biggest U.S. mortgage lender has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past t ...