Wells Fargo Q1 2023 Earnings Report
Key Takeaways
Wells Fargo reported a net income of $5.0 billion, or $1.23 per diluted share, for the first quarter of 2023. The company saw revenue growth compared to both the previous quarter and the same period last year, and continued to advance its efficiency plans. The CET1 ratio increased, and the company resumed its share repurchase program, buying back $4 billion in common stock.
Net income for Q1 2023 was $5.0 billion, or $1.23 per diluted share.
Total revenue reached $20.729 billion, showing a 17% increase year-over-year.
The company repurchased 86.4 million shares of common stock for $4.0 billion in Q1 2023.
CET1 ratio increased to 10.8%.
Wells Fargo
Wells Fargo
Wells Fargo Revenue by Segment
Forward Guidance
Wells Fargo is focused on its risk and control agenda, developing improved products and services, investing in communities, and generating appropriate risk-adjusted returns.
Positive Outlook
- Continue to move forward on our risk and control agenda
- Developing improved products and services to better serve our customers
- Investing in our communities
- Generating appropriate risk-adjusted returns
- Strong capital position
Challenges Ahead
- Work is not done, and we remain focused on completing the work in a timely fashion on our risk and control agenda
- Delinquencies and net charge-offs continued to slowly increase, as expected
- Decline in mortgage banking income on lower originations and gain on sale margins
- Lower asset-based fees in Wealth and Investment Management on lower market valuations
- Lower deposit-related and investment banking fees