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published in Blogs
Jan 14, 2022
Wells Fargo (WFC, $57.35) beats Q4 expectations

Wells Fargo (WFC, $57.35) beats Q4 expectations

Wells Fargo posted fourth-quarter 2021 results that exceeded analysts’ expectations.

The banking behemoth’s adjusted earnings per share grew +109% from the year-ago quarter to $1.38, surpassing the $1.11 expected by analysts polled by FactSet.

Total revenue of $20.86 billion (+13% YoY) was above FactSet consensus estimate of $18.79 billion.

Net interest income rose +4% quarter-over-quarter and fell -1% year-over-year to $9.262 billion beating estimates of $9.061 billion. Noninterest income grew +17% quarter-over-quarter and +27% year-over-year to $11.594, exceeding estimates of $9.931 billion.

Wells net interest margin came in at 2.11%, up 0.08 percentage points from the third quarter and better than expectations of flat quarter over quarter.

Looking ahead,  Wells Fargo expects  net interest income could potentially increase roughly 8% in 2022 compared to the full year 2021 level of $35.8 billion.

Related Tickers: WFC