(Boursier.com) — Wells Fargo announced for its fourth quarter profits up 9%, despite increased provisions for credit losses. Fourth-quarter revenue rose 2% to $20.5 billion, while net income rose to $3.45 billion or 86 cents per stock. A year before, the American banking establishment had posted a quarterly profit of 3.16 billion. Wells paid $1.9 billion in special fees to the FDIC in the quarter. The group nevertheless benefited from cost reduction measures during the quarter ended. He finally warned that its 2024 net interest income could decline by 7 to 9%. “Our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident that the actions we are taking will generate higher returns throughout the cycle,” said the CEO of the bank, Charlie Scharf.
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