Wells Fargo has reported a net income of $ 4,894 billion for the first quarter (Q1) of 2025, which marks an increase of approximately 5.93% compared to $ 4,619 billion in the same period last year.
The total turnover for the bank, however, fell to $ 20.15 billion in Q1 2025, compared to $ 20.86 billion in Q1 2024, which reflects a decrease of approximately 3.39%.
The average bank loans was $ 908.2 million for the Q1 2025, which is a reduction of around 2% compared to $ 928.1 million in the same period last year.
In addition, average deposits were reported at $ 1.33 billion, a slight decrease of 0.2% compared to $ 1.34 billion in Q1 2024.
In the segment of consumer banking and lending, which offers a series of financial products and services to consumers and small companies with an annual turnover that usually up to $ 10 million, sales decreased by 2%.
This decrease was attributed to increased deposit costs as customers shifted to the deposit products with a higher return, although this was partially compensated by an increase in the deposit balance.
The lending sector remained stable and benefited from higher mortgage bank costs, despite lower net interest income due to reduced loans.
The credit card division had an increase in sales by 2%, driven by higher loans, although this was prevented by a decrease in map costs.
Conversely, the automatic credit segment saw a significant fall of 21% due to lower loans and compression in loan spreads, while personal lending decreased by 10% due to reduced loans.
CEO of Wells Fargo Charlie Scharf said: “We have delivered solid results with diluted profit per share, with an increase of 16% compared to a year ago those that reflect revenue growth in many of our core companies, persistent cost discipline, improved credit results and reduction of we have reduced a reduction in a reduction of we have reduced a reduction in. shareholders. “
The non -interest costs of Wells Fargo decreased by 2%, attributed to reduced operational losses and the effects of efficiency initiatives.
This decrease was somewhat offset by increased costs with regard to branch staff and occupation, which reflect the current investments in the bank’s branch network.
Last month, the US Consumer Financial Protection Bureau (CFPB) A federal court in Arizona informed that it rejects his December against JPMorgan Chase, Bank of America and Wells Fargo with regard to their handling of the Zelle Payment Service.
“Wells Fargo reports 5.93% increase in the net income of Q1 2025” was originally made and published by Retail Banker InternationalA brand of global data.
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