Wells Fargo & Company (NYSE: WFC) reported an increase in net income for the fourth quarter of 2024. Earnings also exceeded Wall Street’s expectations.
At $20.38 billion, fourth-quarter revenues were broadly unchanged from the prior-year period. The top line missed the market’s estimates. Net income moved up to $5.08 billion or $1.43 per share in Q4 from $3.45 billion or $0.86 per share in the fourth quarter of 2023. Earnings also exceeded analysts’ estimates.
“Our earnings profile continues to improve, we are seeing the benefit from investments we are making to increase our growth and improve how we serve our customers and communities, we maintained a strong balance sheet, we returned approximately $25 billion of capital to shareholders, and we made significant progress on our risk and control work,” said Wells Fargo’s CEO Charlie Scharf.
