Wells Fargo (NYSE:WFC) shares climbed Wednesday after the bank posted better-than-expected earnings and issued strong guidance on net interest income for 2025.
Adjusted earnings per share proved $1.58 vs. $1.35 expected, on revenues of $20.38 billion versus $20.59 billion expected
Net income rose 47% to $5.1 billion, or $1.43 per share, from $3.45 billion, or 86 cents per share, a year ago. After excluding severance costs of 15 cents per share, Well Fargo earned $1.58 per share, outpacing the consensus estimate reported by LSEG. Revenue fell slightly to $20.38 billion from a year earlier.
The San Francisco-based lender said it expects 2025 net interest income, a key measure of what a bank makes on loans, to be 1% to 3% higher than 2024's number of $47.7 billion.
Shares of Wells jumped $4.07, or 5.7%, Wednesday to $75.26.
Wells Fargo’s investment banking fees jumped 59% to $725 million in the fourth quarter compared with a year earlier.
The bank repurchased 57.8 million shares, or $4 billion, of common stock in fourth quarter 2024.
Shares of the bank surged nearly 43% in 2024, and the stock is up 6% so far in January.
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