Wells Fargo(WFC) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $20,378 million, showing no significant change from Q3 2024 and a slight decrease of 0.5% from Q4 2023[4] - Wells Fargo's net income for Q4 2024 was $5,079 million, a decrease of 1% from Q3 2024 and an increase of 47% from Q4 2023[4] - Diluted earnings per common share rose to $1.43, reflecting a 1% increase from Q3 2024 and a 66% increase from Q4 2023[4] - Net income for Q4 2024 was $5,079 million, a 3% increase compared to the previous year[11] - The company reported a total revenue of $82,296 million for the year 2024, a slight decrease from $82,597 million in 2023[11] - Net income for the year ended December 31, 2024, was $19,722 million, down from $19,142 million in 2023, showing a decline in profitability[23] - The company reported a 3% increase in net income applicable to common stock for the year ended December 31, 2024, totaling $18,606 million[61] Income and Expenses - Noninterest expense increased by 6% from Q3 2024 to $13,900 million, and decreased by 12% compared to Q4 2023[4] - Total noninterest expense for 2024 was $54,598 million, a slight decrease of 2% from 2023[11] - Noninterest income for the quarter was $8,542 million, a decrease from $8,676 million in the previous quarter[19] - Total noninterest income for the Consumer Banking and Lending segment was $7,898 million in 2024, a 2% increase from $7,734 million in 2023[27] - Noninterest income in the Wealth and Investment Management segment rose by 12% year-over-year to $11.963 billion, compared to $10.725 billion in 2023[40] Loans and Credit Losses - The provision for credit losses was $1,095 million, a 3% increase from Q3 2024 and a 15% decrease from Q4 2023[4] - Provision for credit losses decreased by 20% year-over-year to $4,334 million[11] - The company reported a net charge-off of $3,546 million for the year ended December 31, 2024, an increase of 27% from $2,784 million in 2023[27] - Total net loan charge-offs for the quarter ended December 31, 2024, were $1,211 million, representing an increase of $100 million from the previous quarter[44] - The allowance for loan losses slightly increased by 1% to $14,183 million from $14,330 million[14] Assets and Liabilities - Total assets as of December 31, 2024, were $1,929,845 million, showing no percentage change from the previous quarter[14] - Total liabilities increased by 1% to $1,748,779 million from $1,737,114 million in the previous quarter[14] - Total equity decreased by 2% to $181,066 million from $185,011 million in the previous quarter[14] - The tangible common equity as of December 31, 2024, was $135.628 billion, down 3% from the previous quarter and down 4% year-over-year[59] Deposits - Average deposits increased by 1% from Q3 2024 to $1,353,836 million, and remained stable compared to Q4 2023[8] - Total deposits increased by 2% quarter-over-quarter to $1,371,804 million, compared to $1,349,646 million[14] - Total deposits increased by 18% year-over-year to $205.077 billion, up from $173.117 billion[39] Capital Ratios - Common Equity Tier 1 (CET1) ratio under the Standardized Approach was 11.1%, down from 11.3% in Q3 2024[8] - Common Equity Tier 1 (CET1) ratio under the Standardized Approach was 11.1% as of December 31, 2024, compared to 11.4% a year prior[63] - Total risk-weighted assets (RWAs) under the Standardized Approach were $1,215.8 billion as of December 31, 2024, slightly down from $1,231.7 billion a year earlier[63] Segment Performance - Consumer Banking and Lending segment reported a net interest income of $28,303 million for the year ended December 31, 2024, down 6% from $30,185 million in 2023[27] - Net interest income in the Commercial Banking segment decreased to $2,248 million, down 11% from $2,525 million year-over-year[34] - Total revenue for the Commercial Banking segment declined to $12,778 million, a 5% decrease from $13,449 million year-over-year[34] - Net income for the Corporate and Investment Banking segment was $1.580 billion, a decrease of 21% from the previous quarter but an increase of 14% year-over-year[37] Customer Metrics - Digital active customers increased to 36.0 million, a 3% increase from 34.8 million year-over-year[29] - Debit card purchase volume increased to $131.0 billion, a 3% increase from $126.1 billion year-over-year[29] Trading and Investment - Investment banking fees surged by 62% year-over-year, reaching $2,665 million in 2024[11] - Net gains from trading activities for the quarter ended December 31, 2024, were $950 million, reflecting a 34% decrease from the previous quarter, but a 10% increase year-over-year[56]