Wells Fargo Q2 net income $4.9B ($1.25 EPS), revenue $20.5B, repurchased $4B in stock

WELLS FARGO & COMPANY/MN

2023-Q2 EPS reported $2.48

Revenue $20,533M vs $17,040M Q2 2022; net income up 57% to $4,938M from $3,142M.
Provision for credit losses $1,713M (incl. $949M increase in allowance, mainly office CRE).
CET1 ratio 10.7%, 1.5pp above current regulatory minimum; repurchased 100.2M shares ($4B).
Avg loans $945.9B (+2% YoY); avg deposits $1,347.4B (-7% YoY, driven by WIM and Commercial).
ROE 11.4% vs 7.2%; ROTCE 13.7% vs 8.7%; CEO cites strong NII, higher charge-offs expected.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WELLS FARGO & COMPANY/MN reported the quarter ended June 30, 2023 results: revenue $20.5 billion, net income $4.9 billion, EPS $1.25 per diluted share.

Period: the quarter ended June 30, 2023
Revenue: $20.5 billion
Net income: $4.9 billion
EPS: $1.25 per diluted share
Result: preliminary results

Exact text from the filing

We reported solid results in the second quarter, with net income of $4.9 billion and revenue of $20.5 billion.

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Source: SEC EDGAR

accession 0000072971-23-000126

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