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Dec 31, 2022
Wells Fargo Q4 2022 Earnings Report
Reported a net income of $2.9 billion and diluted EPS of $0.67, which included a previously disclosed impact of ($0.70) per share from litigation, regulatory, and customer remediation matters.
Key Takeaways
Wells Fargo reported a fourth-quarter net income of $2.9 billion, with diluted earnings per share (EPS) of $0.67. The results were impacted by $3.3 billion in operating losses related to historical matters and other expenses, but were offset by strong net interest income growth.
Net income for the quarter was $2.9 billion, or $0.67 per diluted share, including a ($0.70) per share impact from litigation, regulatory, and customer remediation matters.
Total revenue was $19.66 billion.
The company experienced strong net interest income growth due to rising interest rates and higher loan balances.
The company continues to invest in digital capabilities and innovative products.
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 carefully watching the impact of higher rates on customers and expects to see deposit balances and credit quality continue to return toward pre-pandemic levels. They are prioritizing building an appropriate risk and control infrastructure and are optimistic about their future as they continue to advance efficiency initiatives, invest to better serve customers, and grow their business.
Positive Outlook
- Continue to invest in the future.
- Enhanced digital and mobile capabilities to better serve our customers
- Launched innovative products and solutions, including a new small dollar product – Flex Loan
- Launched two new credit cards
- Launched a new digital banking platform for our commercial clients.
Challenges Ahead
- The quarter was significantly impacted by previously disclosed operating losses
- Customers have remained resilient with deposit balances, consumer spending, and credit quality still stronger than pre-pandemic levels.
- Carefully watching the impact of higher rates on our customers
- Expect to see deposit balances and credit quality continue to return toward pre-pandemic levels.
- Continue to prioritize building an appropriate risk and control infrastructure