$Wells Fargo & Co (WFC.US)$ 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，富國銀行（Wells Fargo & Company）（紐交所：WFC）實現淨利潤491億美元，同比下降1%。
該公司報告的GAAP（毛利率調整後的協調規則）每股收益爲1.33美元，超過1.29美元的共識預期。營業收入增長1%至206.9億美元。分析師預計爲202.9億美元。
這家美國銀行巨頭報告，由於較高利率對融資成本的影響，包括較低的存款餘額和客戶轉投收益率較高的存款產品，存款成本上升和貸款餘額下降影響，淨利息收益率同比下降9%至119億美元，部分彌補了賺取資產收益率上升的收益。
由於融資成本上升和貸款餘額下降的影響，淨利息收益率同比下降2%，部分彌補了對偏高獲利證券的一些再投標的影響。
非利息收入同比增長19%至87.7億美元，主要受市場業務中交易收入和投資銀行費用的增加，財富和投資管理中資產基礎費用的增長和創投投資表現的改善推動。
CEO查理·沙夫（Charlie Scharf）表示：“我們繼續看到我們的基於費用的收入增長抵消了預期的淨利息收益下降。我們所做的投資使我們能夠利用季度市場活動，在投資諮詢、交易和投資銀行費用方面取得強勁表現。信貸表現符合我們的預期，商業貸款需求仍然平淡，我們看到所有業務中的存款餘額增長，客戶將現金重新分配到收益率更高的替代品的速度放緩。”
淨利息收益率從一年前的3.09%和3月的2.81%下降至2024年第二季度的2.75%。
平均貸款同比下降3%，環比下降1%，至9170億美元，受到大多數貸款類別下降的影響，部分彌補了信用卡貸款餘額的增加。平均存款保持在1.35萬億美元。
展望：對於2024財年，富國銀行重申，淨利息收益可能比2023年全年水平524億美元下降約7%至9%。
該銀行預計2024年非利息費用將達到約540億美元，高於之前的預期約526億美元。
截至上週五最後一次查詢，WFC股票在盤前交易階段下跌5.91%，至56.61美元。
