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Wells Fargo: Q2 2022 Earnings Update

  • Wells Fargo reported a decline in revenue by 16% in Q2 2022 on an annual basis
  • Wells Fargo reported a Diluted EPS of $0.74, down 46.4% YoY
  • Higher interest rate and higher loan balances contributed to a 16% increase in net interest income

On July 15, 2022, Wells Fargo reported Q2 revenue of $17 billion (a decrease of 16% year-over-year) on diluted earnings per common share (Diluted EPS) of $0.74.

Summary: Wells Fargo’s Q2 2022 revenue declined by 16% compared to the same period in 2021. The bank’s average lending and average deposits were $926.6 billion and $1.4 trillion, respectively. The bank had a Common Equity Tier 1 (CET1) ratio of 10.3% remained above the regulatory minimum of 9.1% and a Liquidity Coverage Ratio (LCR) of 121% during Q2 2022. The bank had a $12.9 billion provision for credit losses in the quarter, down $3.5 billion from the previous year due to loan growth.

Wells Fargo had four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

  • Consumer Banking and Lending: Total revenue down 2% YoY owing to the lower deposit-related fees. Average loans for the business increased by 1.3% vs 2021, while deposits increased by 6.9% vs 2021.
  • Commercial Banking: Total revenue up 18% YoY owing to higher interest rates and loan balances. Average loans for the business increased by 12.9% vs 2021, while deposits decreased by 4.6% vs 2021.
  • Corporate and Investment Banking: Total revenue up 7% YoY owing to stronger treasury management results. Average loans for the business increased by 17.9% vs 2021, while deposits decreased by 12.4% vs 2021.
  • Wealth and Investment Management: Total revenue up 5% YoY owing to the impact of higher interest rates. Average loans for the business increased by 3.8% vs 2021, while deposits decreased by 0.3% vs 2021.

Guidance: No guidance is provided for Q3 2022 and full-year 2022.

 



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