WFC-PC · Wells Fargo & Company

Wells Fargo delivered solid Q1 2026 results with net income of $5.3 billion, up 7% year-over-year, and diluted EPS of $1.60, reflecting a 15% increase, bolstered by $135 million in discrete tax benefits or $0.04 per share from prior period resolutions. Revenue reached $21.4 billion, a 6% YoY rise driven by 5% growth in net interest income to $12.1 billion from higher deposit balances, lower deposit costs, improved Markets results, and fixed-rate asset repricing, alongside 8% noninterest income expansion to $9.4 billion fueled by venture capital gains, higher asset-based fees in Wealth and Investment Management, and most fee categories, offset by lower mortgage banking and lease income post rail car leasing sale. Noninterest expense rose 3% to $14.3 billion due to revenue-linked compensation, advertising, and tech costs, tempered by efficiency initiatives and business sales. Credit quality held firm with net charge-offs at 45 bps of average loans, stable YoY, though provision for credit losses increased 22% to $1.1 billion on higher commercial/industrial and auto balances, offset by lower commercial real estate and credit card allowances. Average loans grew 10% YoY to $996 billion across segments, deposits up 6% to $1.4 trillion. CEO Charlie Scharf highlighted broad revenue growth in all segments: Consumer Banking and Lending +7%, Commercial Banking +7%, Corporate and Investment Banking Banking +11%/Markets +19%, Wealth and Investment Management +14%, with momentum in credit cards, auto, checking accounts, client assets to $2.2 trillion, and investment banking. The company repurchased $4 billion in shares while maintaining excess capital (CET1 10.3%), positioning for growth amid economic resiliency, though monitoring oil price impacts. A conference call on April 14 discusses results; final 10-Q results may differ.