Q1 2026 Wells Fargo & Co Earnings Call Transcript
Key Points
- Wells Fargo & Co (WFC) reported a 15% increase in diluted earnings per share and a 6% increase in revenue compared to the previous year.
- The company saw a significant 11% growth in loans and a 7% increase in deposits year-over-year.
- Revenue growth was driven by a 5% increase in net interest income and an 8% increase in non-interest income.
- Wells Fargo & Co (WFC) returned $5.4 billion to shareholders in the first quarter, including $4 billion in common stock repurchases.
- The company successfully closed its final outstanding consent order, marking a total of 14 terminated since 2019, indicating progress in regulatory compliance.
- Despite revenue growth, expenses increased due to higher revenue-related expenses, although the company remains focused on expense discipline.
- The net interest margin declined by 13 basis points from the fourth quarter, primarily due to growth in the balance sheet in the markets business.
- There is ongoing pressure on net interest income due to the growth of interest-bearing deposits and the impact of lower interest rates.
- The company faces challenges in growing consumer accounts at the expected pace, despite a 15% increase in consumer checking account openings.
- Wells Fargo & Co (WFC) is cautious about potential economic impacts from higher energy prices and geopolitical uncertainties, which could affect consumer spending and credit performance.
Welcome, and thank you for joining the Wells Fargo first quarter 2026 earnings conference call. (Operator Instructions). Please note that today's call is being recorded. I would now like to turn the call over to John Campbell, Director of Investor Relations. Sir, you may begin.
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Good morning. Thank you for joining our call today, where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss first quarter results and answer your questions.
This call is being recorded. Before we get started, I would like to remind you that our first quarter earnings materials, including the release, financial supplement, and presentation deck, are available on our website at wellsfargo.com.
I'd also like to caution you that we may make forward-looking statements during today's call. That are subject to risks and uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K
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