Wells Fargo WFC Earnings Q4 2024
Shares of Wells Fargo rose on Wednesday after the bank reported better-than-expected earnings and gave stronger guidance for net interest income in 2025.
Here’s what the bank reported compared to Wall Street expectations, based on a survey of analysts by LSEG:
- Adjusted Earnings Per Share: $1.42 is expected from $1.35
- Income: 20.38 billion dollars from 20.59 billion dollars expected
Net income was $5.1 billion, or $1.43 per diluted common share, up 47 percent from last year’s fourth quarter.
The San Francisco-based lender said 2025 net interest income, a key measure of its lending, is expected to be 1 to 3 percent higher than 2024’s $47.7 billion.
Wells shares jumped as much as 2 percent in premarket trading on Wednesday after the earnings release.
“Our strong performance in the quarter marked a year of significant growth for Wells Fargo,” CEO Charlie Scharf said in a statement. “Our revenue profile continues to improve, we are seeing the benefits of the investments we are making to enhance our growth and how we serve our customers and communities, we have a strong balance sheet, we have returned nearly $25 billion of capital to shareholders, and we have made significant progress in our risk and control operations.
Wells Fargo’s investment banking fees rose 59 percent to $725 million in the fourth quarter from a year earlier.
During the fourth quarter of 2024, the bank repurchased 57.8 million shares, or $4.0 billion, of its common stock.
In the year The bank’s shares are up about 43 percent in 2024, and the stock is up 1.4 percent year to date in January.
