Wells Fargo Q1 2024 Net Income of $4.6 Billion as Net Interest Income Falls 8% Year-on-Year

Wells Fargo reported first-quarter 2024 net income of $4.6 billion, equivalent to earnings per share of $1.20, on total revenue of $20.9 billion. The results beat consensus analyst expectations, while net interest income fell approximately 8% year-on-year to around $12.2 billion on higher deposit funding costs and a reduced loan book.

NON-INTEREST INCOME

Non-interest income rose 17% year-on-year. The growth was driven primarily by improved results in the bank's affiliated venture capital business on lower impairments, higher investment banking fees, higher asset-based fees in Wealth and Investment Management and higher trading revenue.

CAPITAL RETURNS AND REGULATORY CAPITAL POSITION

Wells Fargo repurchased $6.1 billion worth of common shares during the first quarter. The Common Equity Tier 1 ratio stood at 11.2% at the end of March 2024.