Wells Fargo: Q4 EPS down 51% to $0.67
Wells Fargo & Company said on Friday that its diluted earnings per common share totaled $0.67 in the fourth quarter of fiscal 2022, representing a decrease of 51% compared to the same timeframe a year ago. Net income amounted to $2.86 billion in the three months ending with December 31, 2022, declining 50% from the same trimester in 2021. The company's total revenue stood at $19.66 billion, down 6% from the fourth quarter of 2021.
As for full-year results, total revenue, net income and diluted earnings per common share were down 6%, 39% and 37% from 2021 to $73.8 billion, $13.2 billion and $3.14, respectively, in 2022.
"Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns," CEO Charlie Scharf noted. The bank's shares lost 2.66% in the premarket in light of the latest report.