Wells Fargo Reports Fourth Quarter 2023 Net Income of $3.4 billion, or $0.86 per Diluted Share

Financial Results

• Net income of $3.4 billion, or $0.86 per diluted common share
• Revenue of $20.5 billion, up 2%

– Net interest income of $12.8 billion, down 5%

– Non-interest income of $7.7 billion, up 17%

• Non-interest expense of $15.8 billion, down 2%
• Pre-tax pre-provision profit of $4.7 billion, up 22%
• Effective income tax rate of (3.0)% included $621 million of discrete tax benefits
• Average loans of $938.0 billion, down 1%
• Average deposits of $1.3 trillion, down 3%

Credit Quality

• Provision for credit losses of $1.3 billion

– Total net loan charge-offs of $1.3 billion, up $692 million, with net loan charge-offs of 0.53% of average loans (annualized)

– Allowance for credit losses for loans of $15.1 billion, up $1.5 billion

Capital and Liquidity

• CET1 capital of $140.8 billion
• CET1 ratio of 11.4% under the Standardized Approach and 12.7% under the Advanced Approach
• Liquidity coverage ratio (LCR) of 125%