The company said net income for Q1 2024 (ended March 31) was $4,619 million, diluted earnings per share were $1.20, and total revenue was $20,863 million. Net income in the year-earlier quarter was $4,991 million, and diluted earnings per share were $1.23.

1. 01

   The company said net income for Q1 2024 (ended March 31) was $4,619 million, diluted earnings per share were $1.20, and total revenue was $20,863 million. Net income in the year-earlier quarter was $4,991 million, and diluted earnings per share were $1.23.

2. 02

   Wells Fargo said net interest income for Q1 2024 decreased 8% from a year earlier, while noninterest income rose 17%. The company cited the impact of higher interest rates on funding costs and lower loan balances as reasons for the decline in net interest income.

3. 03

   The company said its Q1 2024 results included $(284) million ($(0.06) per share) of additional expense for the estimated FDIC special assessment. It also said it repurchased 112.5 million shares of common stock, or $6.1 billion, in the same quarter.

4. 04

   The company said net loan charge-offs for Q1 2024 were $1,149 million, or 0.50% of average total loans (annualized), and its allowance for credit losses for loans was $14,862 million. Net loan charge-offs in the prior quarter were $1,252 million.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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