Investing.com -- Wells Fargo (NYSE:WFC) shares climbed more than 2% in premarket trading Wednesday after the US bank reported better-than-expected earnings per share (EPS) and net interest income for the fourth quarter of fiscal 2024.
The company posted EPS of $1.43 for the three-month period, topping analysts’ expectations of $1.34.
Revenue came in at $20.38 billion in revenue, slightly below the consensus forecast of $20.49 billion.
Wells Fargo’s net interest income (NII) totaled $11.84 billion, exceeding the estimated $11.7 billion.
The return on tangible common equity stood at 13.9%, higher than the projected 13%, while the return on equity reached 11.7%, outperforming the 11% estimated by analysts.
“Our solid performance this quarter caps a year of significant progress for Wells Fargo,” said Wells Fargo CEO Charlie Scharf.
“Our earnings profile continues to improve, we are seeing the benefit from investments we are making to increase our growth and improve how we serve our customers and communities, we maintained a strong balance sheet, we returned approximately $25 billion of capital to shareholders, and we made significant progress on our risk and control work.”
Looking ahead, Wells Fargo expects its NII for 2025 to increase by approximately 1% to 3% compared to 2024.
