Wells Fargo Q1 net income $5.0B, EPS $1.23; revenue $20.7B, up 17% YoY

WELLS FARGO & COMPANY/MN

2023-Q1 EPS reported $1.23

Net income of $4.991B ($1.23 diluted EPS) vs $3.788B ($0.91) a year ago; revenue $20.729B, up 17% YoY.
Provision for credit losses $1.207B vs negative $787M in Q1 2022; net charge-offs slowly increasing.
CET1 ratio improved to 10.8% (preliminary); repurchased 86.4M shares for $4.0B during the quarter.
Average loans $948.7B (+5.6% YoY); average deposits $1,356.7B (-7.3% YoY).
CEO cited strong revenue growth, efficiency progress, and resumed buyback amid banking industry stress.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WELLS FARGO & COMPANY/MN reported the quarter ended March 31, 2023 results: revenue $ 20,729, net income $5.0 billion, EPS $1.23 per Diluted Share.

Period: the quarter ended March 31, 2023
Revenue: $ 20,729
Net income: $5.0 billion
EPS: $1.23 per Diluted Share
Result: reported results

Exact text from the filing

per Diluted Share Company-wide Financial Summary Quarter ended Mar 31, 2023 Mar 31, 2022 Selected Income Statement Data ($ in millions except per share amounts) Total revenue $ 20,729 17,728 Noninterest expense 13,676 13,851 Provision for credit losses 1 1,207 (787) Net income 4,991 3,788 Diluted earnings per common share 1.23 0.91 Selected Balance Sheet Data

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Source: SEC EDGAR

accession 0000072971-23-000083

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