$Wells Fargo & Co (WFC.US)$ earned a net income of $4.91 billion, down 1% year over year in the second quarter of 2024. The U.S. banking giant reported a 9% year-over-year drop in net interest income to $11.9 billion. The firm also lowered its full-year guidance, and said for 2024,the bank will pull in net interest income that could potentially be roughly 7% to 9% lower year over year $52.4 billion.
due to the impact of higher interest rates on funding costs, including the impact of lower deposit balances and customer migration to higher-yielding deposit products, higher deposit costs, and lower loan balances, partially offset by higher yields on earning assets.
Net interest income was down 2% sequentially, driven by the impact of higher funding costs and lower loan balances, partially offset by a modest redeployment of cash balances into higher-yielding securities.
Noninterest income increased 19% year-over-year to $8.77 billion, driven primarily by higher trading revenue in the Markets business, higher investment banking fees, increased asset-based fees in Wealth and Investment Management on higher market valuations, and improved results from venture capital investments.
CEO Charlie Scharf commented, "We continued to see growth in our fee-based revenue offsetting an expected decline in net interest income. The investments we have been making allowed us to take advantage of the market activity in the quarter with strong performance in investment advisory, trading, and investment banking fees. Credit performance was consistent with our expectations, commercial loan demand remained tepid, we saw growth in deposit balances in all of our businesses, and the pace of customers reallocating cash into higher-yielding alternatives slowed."
Net interest margin fell from 3.09% a year ago and 2.81% in March to 2.75% in the second quarter of 2024.
Average loans fell 3% year over year and 1% sequentially to $917 billion, driven by declines in most loan categories, partially offset by higher credit card loan balances. Average deposits remained stagnant at $1.35 trillion.
The bank expects 2024 noninterest expense to be ~$54.0 billion, up from prior guidance of ~$52.6 billion.
2024年第二季度，富国银行（Wells Fargo & Company）（纽交所：WFC）实现净利润491亿美元，同比下降1%。
该公司报告的GAAP（毛利率调整后的协调规则）每股收益为1.33美元，超过1.29美元的共识预期。营业收入增长1%至206.9亿美元。分析师预计为202.9亿美元。
这家美国银行巨头报告，由于较高利率对融资成本的影响，包括较低的存款余额和客户转投收益率较高的存款产品，存款成本上升和贷款余额下降影响，净利息收益率同比下降9%至119亿美元，部分弥补了赚取资产收益率上升的收益。
由于融资成本上升和贷款余额下降的影响，净利息收益率同比下降2%，部分弥补了对偏高获利证券的一些再投标的影响。
非利息收入同比增长19%至87.7亿美元，主要受市场业务中交易收入和投资银行费用的增加，财富和投资管理中资产基础费用的增长和创投投资表现的改善推动。
CEO查理·沙夫（Charlie Scharf）表示：“我们继续看到我们的基于费用的收入增长抵消了预期的净利息收益下降。我们所做的投资使我们能够利用季度市场活动，在投资咨询、交易和投资银行费用方面取得强劲表现。信贷表现符合我们的预期，商业贷款需求仍然平淡，我们看到所有业务中的存款余额增长，客户将现金重新分配到收益率更高的替代品的速度放缓。”
净利息收益率从一年前的3.09%和3月的2.81%下降至2024年第二季度的2.75%。
平均贷款同比下降3%，环比下降1%，至9170亿美元，受到大多数贷款类别下降的影响，部分弥补了信用卡贷款余额的增加。平均存款保持在1.35万亿美元。
展望：对于2024财年，富国银行重申，净利息收益可能比2023年全年水平524亿美元下降约7%至9%。
该银行预计2024年非利息费用将达到约540亿美元，高于之前的预期约526亿美元。
截至上周五最后一次查询，WFC股票在盘前交易阶段下跌5.91%，至56.61美元。
