Wells Fargo: EPS down 4% in the 3rd quarter

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(CercleFinance.com) – Wells Fargo publishes net profit of $5.11 billion for the third quarter of 2024, representing EPS down 4% to $1.42, and return on tangible equity (ROTCE) down two points to 13.9%.

The Californian bank saw its provisions for credit losses decline to just over $1.06 billion, from nearly $1.2 billion a year earlier, while its noninterest expenses remained roughly flat around 13, 1 billion.

At just under $20.4 billion, its revenue fell 2%, with an 11% contraction in net interest income largely offset by a 12% increase in other types of income.

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