Wells Fargo reported second-quarter 2024 net income of $4.9 billion, with earnings per share of $1.33 exceeding the analyst consensus estimate of $1.29. Total revenue for the quarter reached $20.69 billion. The results were published on 12 July 2024.
Net interest income fell 9% year-on-year to $11.92 billion, a decline the bank attributed to higher funding costs, including lower deposit balances and customer migration to higher-yielding deposit products, as well as lower loan balances.
NON-INTEREST INCOME UP 19%
Non-interest income grew 19% year-on-year. The improvement in fee-based revenues reflected gains across multiple business lines, including investment banking and markets activity, wealth and investment management, and other fee-generating services.
Wells Fargo's balance sheet remains subject to the Federal Reserve's asset cap, which has been in place since 2018 as part of the regulatory response to the bank's conduct failures. The cap limits the total size of the bank's balance sheet.
SHARE BUYBACKS
Wells Fargo repurchased $6.1 billion of common stock during the second quarter.