Wells Fargo Reports Robust Q3 2024 Results, Stock Surges
Wells Fargo, led by Chairman and CEO Charlie Scharf, has announced impressive financial results for the third quarter of 2024. The bank's performance exceeded analyst expectations, pushing its stock price up by over 8% by Thursday night.
The bank's total revenue for the quarter topped $21.4 billion, marking a 5% increase from the same period last year. This growth was accompanied by a 9% year-over-year increase in GAAP net income, which reached nearly $5.6 billion. Per-share profitability also rose to $1.66 for the quarter.
Wells Fargo's loan portfolio grew by 2% to just under $929 billion, while average deposits stood at almost $1.34 trillion, a marginal decline from the previous quarter. Despite this slight decrease, the bank's overall financial health remains robust, reflecting its resilience in the current market conditions.
Wells Fargo's strong third-quarter performance, driven by increased revenue and profitability, underscores the bank's continued ability to navigate the financial landscape effectively. With Charlie Scharf at the helm, the bank appears poised to maintain its robust financial health.
