Wells Fargo shares jump after Q4 results
By Frank Prenesti
Date: Wednesday 15 Jan 2025
(Sharecast News) - Shares in US bank Wells Fargo jumped after a rise in fourth-quarter profit, driven by higher investment banking fees.
Net income rose to $5.08bn, or $1.43 per share, compared with with $3.45bn, or 86 cents per share, a year earlier. Wells Fargo's investment banking fees jumped 59% to $725 million in the quarter compared with a year earlier.
It added that 2025 net interest income would be 1% - 3% higher than 2024's $47.7bn.
Revenue was almost flat at $20.38bn against expectations of $20.59bn. Fourth-quarter net interest income fell 7% to $11.84bn driven by deposit mix and pricing changes, the impact of lower rates on floating rate assets, and lower loan balances, partially offset by lower market funding.
Net interest margin fell to 2.70% in the fourth quarter from 2.92% a year ago.
Reporting by Frank Prenesti for Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN