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Dec 31, 2024
Wells Fargo Q4 2024 Earnings Report
Reported fourth quarter net income with solid performance and significant progress.
Key Takeaways
Wells Fargo reported a Q4 2024 net income of $5.1 billion, or $1.43 per diluted share. The company saw improvements in its earnings profile, benefited from strategic investments, maintained a strong balance sheet, and returned approximately $25 billion of capital to shareholders.
Diluted earnings per share increased 11% year-over-year.
Fee-based revenue grew 15% from a year ago, offsetting the decline in net interest income.
Expenses decreased from a year ago, with credit trends remaining relatively stable.
The company repurchased approximately $20 billion of common stock during the year, up 64% from a year ago.
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
Wells Fargo's financial performance should continue to benefit from the work being done to transform the company. The company sees improved results and increased market share in many businesses.
Positive Outlook
- Credit card business continues to generate strong growth while maintaining a strong credit profile.
- Net checking accounts grew more meaningfully in 2024.
- Mobile active customers grew by 1.5 million in 2024.
- Early benefits from enhancements to Wells Fargo Premier offerings, including higher deposit and investment balances.
- Fees and market share from investment banking and trading activities have been growing.