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Sep 30, 2024
Wells Fargo Q3 2024 Earnings Report
Reported a net income of $5.1 billion for Q3 2024.
Key Takeaways
Wells Fargo reported solid results for Q3 2024, with net income reaching $5.1 billion, or $1.42 per diluted share. The company saw growth in fee-based revenue and maintained strong credit discipline while investing in risk and control environment. Strategic investments and efficiency initiatives are beginning to impact business metrics and financial results.
Net income and diluted earnings per share increased from the second quarter.
Fee-based revenue grew 16% during the first nine months of the year, offsetting net interest income headwinds.
The company repurchased $3.5 billion of common stock in the third quarter.
New co-branded credit cards were launched, and a multi-year co-branded agreement for auto financing was announced.
Revenue by Segment
Forward Guidance
This document contains forward-looking statements that are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict.
Positive Outlook
- The future operating or financial performance of the Company or any of its businesses, including our outlook for future growth
- Expectations regarding noninterest expense and our efficiency ratio
- Future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance
- Expectations regarding net interest income and net interest margin
- Loan growth or the reduction or mitigation of risk in our loan portfolios
Challenges Ahead
- Current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth
- Capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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