Wells Fargo(US:WFC)2025-04-11 10:45Financial Performance - Total revenue for Q1 2025 was $20,149 million, a decrease of 1% from Q4 2024 and 3% from Q1 2024[4] - Wells Fargo net income for Q1 2025 was $4,894 million, down 4% from Q4 2024 but up 6% from Q1 2024[4] - Diluted earnings per common share for Q1 2025 were $1.39, a decrease of 3% from Q4 2024 and an increase of 16% from Q1 2024[4] - Net income applicable to common stock for Q1 2025 was $4,616 million, a decrease of 4% from Q4 2024 but an increase of 7% from Q1 2024[10] - Earnings per common share for Q1 2025 was $1.41, down 3% from Q4 2024 but up 17% from Q1 2024[10] Asset and Equity - Total equity increased to $182,906 million, a 1% rise from Q4 2024[8] - Total assets as of March 31, 2025, were $1,950,311 million, a 1% increase from Q4 2024[8] - Total assets as of March 31, 2025, were $1,919,661 million, slightly up from $1,918,536 million in the previous quarter[15] - Total equity as of Mar 31, 2025, is $182.9 billion, reflecting a 1% increase from $181.1 billion on Dec 31, 2024[56] Loans and Deposits - Average loans for Q1 2025 were $908,182 million, remaining stable compared to Q4 2024 but down 2% from Q1 2024[8] - Total deposits decreased to $1,361,728 million, down 1% from Q4 2024 and 2% from Q1 2024[13] - Total loans amounted to $315,973 million, a decrease of 2% from the previous quarter and 4% year-over-year[21] - Total loans outstanding as of March 31, 2025, were $913,842 million, reflecting a $1,097 million increase from the previous quarter[35] Income and Expenses - Interest income for Q1 2025 was $20,973 million, a decrease of 5% from Q4 2024 and 8% from Q1 2024[10] - Net interest income decreased to $11,495 million, down 3% from Q4 2024 and 6% from Q1 2024[10] - Noninterest expense for the quarter was $13,891 million, compared to $13,900 million in the previous quarter, indicating a marginal decrease[16] Credit Losses and Allowances - Provision for credit losses decreased to $932 million, a 15% decline from Q4 2024 and a 1% decrease from Q1 2024[4] - The allowance for loan losses was $14,029 million, a slight decrease of 1% from Q4 2024[13] - The provision for credit losses for loans was $925 million for the quarter, a decrease of $191 million from the previous quarter[38] - Total allowance for credit losses for loans is $14,552 million, representing 1.59% of loans as of March 31, 2025[40] Nonperforming Assets - Nonaccrual loans increased to $7,978 million, accounting for 0.87% of total loans as of March 31, 2025, up from $7,730 million (0.85%) in the previous quarter[42] - Total nonperforming assets reached $8,225 million, or 0.90% of total loans, an increase of $289 million from $7,936 million (0.87%) in the previous quarter[42] Segment Performance - Total revenue for the Commercial Banking Segment was $2,925 million, down 8% from the previous quarter and 7% year-over-year[25] - Net income for the Corporate and Investment Banking Segment rose to $1,941 million, a 23% increase from the previous quarter but down 2% year-over-year[29] - Net interest income for the Wealth and Investment Management segment decreased to $826 million, down 4% from the previous quarter and 5% year-over-year[32] Customer Metrics - Digital active customers reached 36.7 million, a 2% increase from the previous quarter and a 3% increase year-over-year[21] - Mortgage loan originations totaled $4.4 billion, a decrease of 25% from the previous quarter but an increase of 26% year-over-year[21] Capital Ratios - Common Equity Tier 1 (CET1) ratio was 11.1% for Q1 2025, unchanged from Q4 2024[8] - Return on average common stockholders' equity (ROE) for Q1 2025 is 11.5%, compared to 11.7% in Q4 2024[54] - Tangible common equity as of Mar 31, 2025, is $137.776 billion, up 2% from $135.628 billion in Q4 2024[54]