October 11, 2024 11:05 GMT
FINANCIALS: Wells Fargo (WFC A1/BBB+/A+): 3Q24 Results
FINANCIALS
Looks credit neutral overall at first take.
- Revenues in-line at $20.4bn.
- NII missed by 2% at $11.7bn. Margin at 2.67% vs 2.7% expected. Seeing deposit migration.
- CET1 ticks up to 11.3% from 11%.
- Credit stats better than consensus – NPLs by 5% and loan loss provisions by 20% with lower allowances on most portfolios.
- Sees 4Q NII in-line with 3Q.
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