Wells Fargo said it earned $4.9 billion in Q2 2024, or $1.33 diluted EPS, compared with $4.9 billion, or $1.25 diluted EPS, in the same period a year ago. For the first half, net income was $9.5 billion, or $2.53 diluted EPS, compared with $9.9 billion, or $2.48 diluted EPS, a year earlier.

1. 01

   Wells Fargo said it earned $4.9 billion in Q2 2024, or $1.33 diluted EPS, compared with $4.9 billion, or $1.25 diluted EPS, in the same period a year ago. For the first half, net income was $9.5 billion, or $2.53 diluted EPS, compared with $9.9 billion, or $2.48 diluted EPS, a year earlier.

2. 02

   The company said net income for Q2 was stable compared with the same period a year ago, citing a $1.2 billion decrease in net interest income, a $321 million increase in income tax expense and a $306 million increase in noninterest expense. It said these were offset by a $1.4 billion increase in noninterest income and a $477 million decrease in the provision for credit losses.

3. 03

   The company said that as of June 30, 2024 its total capital was $178.1 billion (as of December 31, 2023 $187.4 billion), its Standardized Approach CET1 ratio was 11.01%, its TLAC ratio was 24.78% and its LCR was 124%. The regulatory minimums are 8.90%, 21.50% and 100%, respectively.

4. 04

   Wells Fargo said its allowance for credit losses (ACL) for loans was $14.8 billion as of June 30, 2024, a decrease of $299 million from December 31, 2023. The company said net loan charge-offs for commercial loans in Q2 were $468 million (35 basis points), and for consumer loans were $833 million (88 basis points).

Key figures

Quarter ended June 30, 2024

Revenue

$20.7B

Net income

$4.9B

EPS

$1.33

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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