Wells Fargo kicks off bank stocks' earnings season

Wells Fargo & Co (NYSE: WFC), on April 12th, reported a year-on-year decrease in its first-quarter net income for the first earnings report of FY 2024.

Net income for the quarter came in at $4,.61 billion, below Q1 of 2023's $4.99 billion.

Diluted earnings per common share were reported to be $1.20. In contrast, Q1 of 2023 posted an EPS of $1.23 diluted earnings per common share.

Ahead of the earnings, analysts were broadly forecasting an EPS of around $1,08 per share, lower than that of the Q1 EPS of 2023.

Chief Executive Officer Charlie Scharf commented in a press release this morning that:

In Wells Fargo’s previous earnings report, that of Q4 2023, the company saw its net income come in at $3.44 billion – down 40% versus the previous quarter. 

Total revenue was almost flat, albeit marginally increased, at $20.86 billion for the quarter, compared with $20.72 billion in Q1 of 2023.

The company’s noninterest expense increased from $13.67 billion in Q1 2023 to $14.33 billion in Q1 2024.

Shares of Wells Fargo & Co were trading slightly down, at $0.25 or 0.44% lower, in premarket following the earnings print on Friday.