Wells Fargo & Company reported its financial results for the third quarter of 2024, revealing a net income of $5.1 billion, or diluted earnings per share (EPS) of $1.42. This marks a decline from the net income of $5.8 billion and EPS of $1.48 reported in the same quarter of 2023. For the first nine months of 2024, the bank's net income totaled $14.6 billion, with a diluted EPS of $3.94, down from $15.7 billion and $3.96 in the prior year.
Total revenue for Q3 2024 was $20.4 billion, a decrease from $20.9 billion in Q3 2023, primarily attributed to lower net interest income. The provision for credit losses in the third quarter was $1.1 billion, reflecting an increase in credit card loans, while there were decreases in auto loans and commercial real estate loans.
As of September 30, 2024, average loans decreased to $909.7 billion, down from $936.7 billion at the end of 2023. Conversely, average deposits increased to $1.35 trillion, compared to $1.34 trillion at December 31, 2023. Total equity stood at $185.0 billion, a slight decline from $187.4 billion at the end of the previous year.
The Common Equity Tier 1 (CET1) ratio was reported at 11.34%, comfortably above the regulatory minimum of 8.90%. The return on average assets (ROA) for Q3 2024 was 0.99%, while the return on average equity (ROE) was 11.0%. Nonperforming assets (NPAs) decreased to $8.4 billion as of September 30, 2024, down from $8.5 billion at the end of 2023.
Additionally, accrued liabilities for customer remediation activities significantly decreased to $241 million as of September 30, 2024, from $819 million at December 31, 2023.
About WELLS FARGO & COMPANY/MN
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