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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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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.