January 1, 1970 - WFC.PR.Y
Wells Fargo Reports Third Quarter 2023 Results
Wells Fargo & Company (NYSE: WFC) today reported third quarter 2023 net income of $4.5 billion, or $1.15 per diluted share, compared with $3.3 billion, or $0.85 per diluted share, in the second quarter of 2023. For the third quarter of 2022, net income was $2.0 billion, or $0.52 per diluted share.
“Our results this quarter reflect the impact of several factors, including higher rates, customer deposit behavior, and the operating environment,” said CEO Charlie Scharf. “Our top priority remains building the appropriate risk and control infrastructure for a company of our size and complexity, and I am pleased with our progress to date.”
Third Quarter Highlights
Net interest income increased 29% from a year ago, driven by higher interest rates and loan growth.
Noninterest income decreased 18% from a year ago, primarily due to lower mortgage banking revenue.
Average loans were up 3% from a year ago, driven by growth in commercial loans.
Average deposits were down 4% from a year ago, reflecting industry trends and higher interest rates.
Financial Performance
| Metric | Q3 2023 | Q2 2023 | Q3 2022 |
|---|---|---|---|
| Net income (billions) | $4.5 | $3.3 | $2.0 |
| Earnings per share (diluted) | $1.15 | $0.85 | $0.52 |
| Net interest income (billions) | $13.3 | $10.3 | $9.2 |
| Noninterest income (billions) | $6.2 | $7.6 | $8.8 |
"Wells Fargo's third-quarter earnings beat analyst expectations, driven by strong net interest income growth and continued expense management."
The company continues to focus on strengthening its risk and control infrastructure and making progress on its regulatory and operational priorities.
“While we are making progress, we have more work to do, and we are committed to becoming a simpler, stronger bank,” added Scharf.
