Wells Fargo Q1 net income $4.6B ($1.20 EPS); OCC terminates 2016 sales practices order

WELLS FARGO & COMPANY/MN

2024-Q1 EPS reported $1.20

Net income $4.6B ($1.20 diluted EPS) vs $4.99B ($1.23) in Q1 2023; revenue $20.86B slightly up from $20.73B.
Repurchased 112.5M shares for $6.1B in Q1; CET1 ratio 11.2% versus 10.8% a year ago.
OCC terminated 2016 consent order on sales practices misconduct; sixth enforcement action closed since 2019.
Average loans $928.1B (-2% YoY); average deposits $1,341.6B (-1% YoY).
Provision for credit losses $938M vs $1.207B YoY; noninterest expense $14.34B up from $13.68B.

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 March 31, 2024 results: revenue $20,863, net income $4,619, EPS $1.20 per diluted share.

Period: the quarter ended March 31, 2024
Revenue: $20,863
Net income: $4,619
EPS: $1.20 per diluted share
Result: reported results

Exact text from the filing

per Diluted Share Company-wide Financial Summary Quarter ended Mar 31, 2024 Mar 31, 2023 Selected Income Statement Data ($ in millions except per share amounts) Total revenue $ 20,863 20,729 Noninterest expense 14,338 13,676 Provision for credit losses 1 938 1,207 Net income 4,619 4,991 Diluted earnings per common share 1.20 1.23 Selected Balance Sheet Data ($

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Source: SEC EDGAR

accession 0000072971-24-000115

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