Wells Fargo (NYSE:WFC) Full Year 2024 Results

Key Financial Results

• Revenue: US$78.0b (up 1.0% from FY 2023).
• Net income: US$18.6b (up 3.5% from FY 2023).
• Profit margin: 24% (in line with FY 2023).
• EPS: US$5.43 (up from US$4.88 in FY 2023).

WFC Banking Performance Indicators

• Net interest margin (NIM): 2.73% (down from 3.06% in FY 2023).
• Cost-to-income ratio: 66.0% (down from 67.0% in FY 2023).
• Non-performing loans: 0.85% (down from 0.88% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Wells Fargo EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%.

The primary driver behind last 12 months revenue was the Consumer Banking and Lending segment contributing a total revenue of US$32.6b (42% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$48.6b (82% of total expenses). Explore how WFC's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 9.3% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 1 warning sign for Wells Fargo that you need to be mindful of.

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