Wells Fargo reported a net income of $5.1 billion for the fourth quarter, exceeding analyst expectations and marking a 47% increase from the previous year. The bank anticipates a 1% to 3% growth in net interest income for 2025, reaching $48.2 billion to $49.7 billion. CEO Charlie Scharf highlighted the bank's progress across various areas, including improved earnings, investment benefits, a robust balance sheet, capital returns to shareholders, and advancements in risk management.
Here's what the bank reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Net income of $5.1 billion, or $1.43 per diluted common share, came in 47% higher than the figure from the fourth quarter in the year prior.
The San Francisco-based lender said it expects 2025 net interest income, a key measure of what a bank makes on loans, to be 1% to 3% higher than 2024's number of $47.7 billion."Our solid performance this quarter caps a year of significant progress for Wells Fargo," CEO Charlie Scharf said in a statement.
Wells Fargo's investment banking fees jumped 59% to $725 million in the fourth quarter compared with a year earlier.Shares of the bank surged nearly 43% in 2024, and the stock is up 1.4% so far in January.Dan Niles names cash as a top pick for the first time since market drop in 2022 Morgan Stanley says rising rates are threatening the bull market so ride it out in these quality stocks
INVESTMENT BANKING NET INTEREST INCOME EARNINGS STOCK PERFORMANCE WELLS FARGO
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