Wells Fargo Q3 net income $5.8B, EPS $1.48; revenue $20.9B, up 6.6% YoY

WELLS FARGO & COMPANY/MN

2023-Q3 EPS reported $3.96

Net income $5.8B ($1.48 diluted EPS) vs $3.6B ($0.86) a year ago; revenue $20.86B vs $19.57B.
CET1 ratio 11.0% (210 bps above new regulatory minimum); repurchased 33.8M shares for $1.5B.
Common dividend raised 17%; CEO cites strong capital position and priority on returning excess capital.
Provision for credit losses $1.2B vs $784M YoY; average loans $943.2B, down $2.3B YoY.
Includes $349M discrete tax benefit; sold ~$2B private equity investments with minimal income impact.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WELLS FARGO & COMPANY/MN reported the quarter ended September 30, 2023 results: revenue $20,857, net income $5,767, EPS $1.48.

Period: the quarter ended September 30, 2023
Revenue: $20,857
Net income: $5,767
EPS: $1.48
Result: reported results

Exact text from the filing

per Diluted Share Company-wide Financial Summary Quarter ended Sep 30, 2023 Sep 30, 2022 Selected Income Statement Data ($ in millions except per share amounts) Total revenue $ 20,857 19,566 Noninterest expense 13,113 14,306 Provision for credit losses 1 1,197 784 Net income 5,767 3,592 Diluted earnings per common share 1.48 0.86 Selected Balance Sheet Data ($

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Source: SEC EDGAR

accession 0000072971-23-000158

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