{"id":113011,"date":"2024-10-11T18:50:44","date_gmt":"2024-10-11T11:50:44","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=113011"},"modified":"2024-10-11T18:50:44","modified_gmt":"2024-10-11T11:50:44","slug":"wells-fargo-wfc-q3-2024-earnings","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=113011","title":{"rendered":"Wells Fargo WFC Q3 2024 earnings"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108046480\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108046480\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000354472\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108046481-17286460381728646035-36621855309-1080pnbcnews.jpg?v=1728646037&amp;w=750&amp;h=422&amp;vtcrop=y\" alt=\"Wells Fargo posts lower earnings and revenue amid an 11% decline in net interest income\"\/><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><a href=\"https:\/\/www.cnbc.com\/quotes\/WFC\/\">Wells Fargo<\/a> reported lower earnings and revenue in the third quarter than a year ago on Friday amid a sizable decline in net interest income.<\/p>\n<p>Here&#8217;s what the bank did compared with Wall Street estimates, based on a survey of analysts by LSEG:<\/p>\n<ul>\n<li><strong>Earnings per share:<\/strong>\u00a0$1.42 per share, not comparable to the $1.28 cents estimate<\/li>\n<li><strong>Revenue:<\/strong>\u00a0$20.37 billion versus $20.42 billion expected<\/li>\n<\/ul>\n<p>Shares of the bank rose 3% in premarket trading after the results.<\/p>\n<p>The San Francisco-based lender posted $11.69 billion in net interest income, a key measure of what a bank makes on lending. The number marked an 11% decrease from the same quarter last year that was less than the FactSet estimate of $11.9 billion. Wells said the decline was due to higher funding costs amid customer migration to higher yielding deposit products.<\/p>\n<p>&#8220;Our earnings profile is very different than it was five years ago as we have been making strategic investments in many of our businesses and de-emphasizing or selling others,&#8221; CEO Charles Scharf said in a statement. &#8220;Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds.&#8221;<\/p>\n<p>Wells saw net income fall to $5.11 billion,\u00a0or $1.42 per share,\u00a0in the third quarter, from $5.77 billion,\u00a0or $1.48 per share, during the same quarter a year ago. Revenue dipped to $20.37 billion from $20.86 a year ago.<\/p>\n<p>The bank set aside $1.07 billion as provision for credit losses, which included a modest decrease in the allowance for credit losses.<\/p>\n<p>Wells repurchased $3.5 billion of common stock in the third quarter, bringing the nine-month total to over $15 billion, which marks a 60% increase from a year ago.<\/p>\n<p>The bank&#8217;s shares have gained 17% in 2024, lagging the S&amp;P 500.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/10\/11\/wells-fargo-wfc-q3-2024-earnings.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo reported lower earnings and revenue in the third quarter than a year ago on Friday amid a sizable decline in net interest income. Here&#8217;s what the bank did &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=113011\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-113011","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/113011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=113011"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/113011\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=113011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=113011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=113011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}