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Wells Fargo Beats Q4 Expectations, Shares Gain 5%
Jan 15, 2025 4:17 PM - Davit Kirakosyan
Image credit: FMP
Wells Fargo (NYSE:WFC) shares rose over 5% intra-day today after the bank delivered stronger-than-expected fourth-quarter results for 2024. The report showcased solid earnings per share (EPS) and robust net interest income (NII), affirming the company’s strategic progress.
The bank posted an EPS of $1.43 for the quarter, surpassing analyst estimates of $1.34. However, revenue for the quarter totaled $20.38 billion, slightly below the consensus forecast of $20.49 billion.
Net interest income was a standout, reaching $11.84 billion and topping expectations of $11.7 billion. Additionally, key performance metrics outpaced projections, with return on tangible common equity hitting 13.9% compared to the expected 13%, and return on equity achieving 11.7%, above the forecasted 11%.
The bank also returned approximately $25 billion to shareholders while making strides in risk and control measures. Looking forward, Wells Fargo projects NII growth of 1% to 3% in 2025 compared to 2024.
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