Wells Fargo said its net income for Q1 2024 was $4.6 billion (diluted earnings per share of $1.20), down from $5.0 billion ($1.23) in the same period a year earlier.

1. 01

   Wells Fargo said its net income for Q1 2024 was $4.6 billion (diluted earnings per share of $1.20), down from $5.0 billion ($1.23) in the same period a year earlier.

2. 02

   The company said its net income for Q1 2024 decreased from a year earlier mainly because of a decline in net interest income of $1.1 billion and a rise in noninterest expense of $662 million, partially offset by an increase in noninterest income of $1.2 billion.

3. 03

   The company said that as of March 31, 2024, its total equity was $182.7 billion, its Standardized Approach CET1 ratio was 11.19% (regulatory minimum and buffers of 8.90%), and its liquidity coverage ratio (LCR) was 126% (regulatory minimum of 100%).

4. 04

   The company said its provision for credit losses for loans was $926 million for Q1 2024, while net loan charge-offs were $341 million for commercial loans and $808 million for consumer loans.

Key figures

Quarter ended March 31, 2024

Revenue

$20.9B

Net income

$4.6B

EPS

$1.20

Operating cash flow

−$12.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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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