Shares in US bank Wells Fargo jumped after a rise in fourth-quarter profit, driven by higher investment banking fees.
Wells Fargo & Co.
15 January 2025 14:27:58
Source: Sharecast
Net income rose to $5.08bn, or $1.43 per share, compared with with $3.45bn, or 86 cents per share, a year earlier. Wells Fargo's investment banking fees jumped 59% to $725 million in the quarter compared with a year earlier.
It added that 2025 net interest income would be 1% - 3% higher than 2024’s $47.7bn.
Revenue was almost flat at $20.38bn against expectations of $20.59bn. Fourth-quarter net interest income fell 7% to $11.84bn driven by deposit mix and pricing changes, the impact of lower rates on floating rate assets, and lower loan balances, partially offset by lower market funding.
Net interest margin fell to 2.70% in the fourth quarter from 2.92% a year ago.
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