Wells Fargo reported a solid financial performance for the fourth quarter of 2024, with a net income of $5.1 billion and a diluted earnings per share of $1.43. For the full year, the net income stood at $19.7 billion, translating to $5.37 per diluted share. The quarter witnessed a slight decrease in total revenue, from $20,478 million in the last quarter of 2023 to $20,378 million. This was accompanied by a reduction in noninterest expenses and a decrease in provisions for credit losses, highlighting improved operational efficiency and a stable credit environment.

During this quarter, average loans saw a decrease compared to the previous year, reflecting a broader industry trend of shrinking loan volumes. However, the bank experienced a notable increase in average deposits, underscoring a strong deposit base. Key performance metrics such as return on equity (ROE) and return on tangible common equity (ROTCE) showed significant improvements, indicating robust profitability and capital efficiency. The bank also returned substantial capital to shareholders, including $4.0 billion in common stock repurchases, underscoring its strong financial position.

Wells Fargo's CEO, Charlie Scharf, commented on the progress made throughout the year, emphasizing advancements in risk and control measures, growth in fee-based revenues, and strategic reductions in dependency on net interest income. The quarter also saw notable growth in wealth and investment management and consistent investments in enhancing digital capabilities. As the bank continues to navigate a complex regulatory environment and market challenges, its focus remains on strategic growth, operational resilience, and sustained profitability.