Shares of Wells Fargo & Co. (WFC) are down nearly 2% after the bank warned that its net interest income for 2024 could come in lower than previously forecast.
The weak guidance was made as Wells Fargo reported mixed financial results for the fourth and final quarter of 2023.
The lender reported earnings per share (EPS) of $0.86 U.S., which matched Wall Street forecasts.
Revenue in Q4 totaled $20.49 billion U.S., which was better than the $20.30 billion U.S. that had been expected among analysts who track the lender’s progress.
Wells Fargo said that its Q4 results were impacted by a higher provision for credit losses, which totaled $1.28 billion U.S. compared with $957 million U.S. a year earlier.
Net interest income in the quarter was $12.77 billion U.S., slightly better than the $12.76 billion U.S. that was expected.
The bank said that its net interest income in Q4 was down 5% from a year ago due to lower deposit and loan balances.
Prior to today (Jan. 12), Wells Fargo’s stock had risen 15% over the last 12 months to trade at $49.04 U.S. per share.
