Wells Fargo posts lower earnings and revenue amid an 11% decline in net interest income

Published On Oct 11, 2024, 7:21 AM

Wells Fargo reported lower earnings and revenue for Q3 2024 compared to the same period last year, with net interest income declining by 11%. The bank earned $1.42 per share, surpassing estimates of $1.28, but revenue fell short of expectations at $20.37 billion. Higher funding costs and a strategic shift in business model contributed to these results. Despite the decline in net interest income, fee-based revenue grew by 16%, and the bank also repurchased $3.5 billion in common stock during the quarter.

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Stock Forecasts

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Positive

Given the mixed earnings report with lower revenue and net interest income, while still beating EPS estimates, Wells Fargo may face pressure on its stock. However, the significant stock repurchase may support the share price. Overall market reaction may lean cautiously positive due to the EPS beat despite the revenue decline.

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Wells Fargo posts lower earnings and revenue amid an 11% decline in net interest income

Oct 11, 2024, 7:21 AM

The San Francisco-based lender posted $11.69 billion in net interest income, a 11% decrease from the same quarter last year.

WFC