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Sep 30, 2023
Wells Fargo Q3 2023 Earnings Report
Wells Fargo reported solid results driven by revenue growth and expense decline.
Key Takeaways
Wells Fargo reported a net income of $5.8 billion, or $1.48 per diluted share, for Q3 2023. Revenue grew to $20.9 billion, driven by higher net interest income and noninterest income. Expenses decreased due to lower operating losses. The company repurchased 33.8 million shares of common stock for $1.5 billion.
Net income for the third quarter of 2023 was $5.8 billion, or $1.48 per diluted share.
Total revenue reached $20.9 billion, reflecting growth in both net interest income and noninterest income.
Expenses decreased due to lower operating losses and efficiency initiatives.
The company repurchased 33.8 million shares of common stock for $1.5 billion during the quarter.
Wells Fargo
Wells Fargo
Wells Fargo Revenue by Segment
Revenue by Segment
Consumer Banking & Lending Revenue
CapyFin.comCommercial Banking Revenue
CapyFin.comCorporate & Investment Banking Revenue
CapyFin.comWealth & Investment Mgmt Revenue
CapyFin.com Forward Guidance
The company is focused on risk and control work, advancing its business strategy, and returning excess capital to shareholders. However, proposed bank capital rules include higher capital requirements.
Positive Outlook
- Making progress on risk and control work.
- Advancing business strategy.
- Enhancing digital capabilities.
- Increased common stock dividend by 17%.
- Starting from a strong capital position.
Challenges Ahead
- Seeing the impact of the slowing economy.
- Loan balances declining.
- Charge-offs continuing to deteriorate modestly.
- Proposed bank capital rules include higher capital requirements.
- Uncertainty about future economic conditions.