Wealth, Investment Net Income Rises At Wells Fargo In Q4 2022

Editorial Staff

17 January 2023

The wealth and investment management arm of Wells Fargo, including its private banking arm, logged a rise in net income in the fourth quarter of 2022, the California-based banking group said on Friday.

Q4 2022 net income was $715 million, against $564 million a year earlier, it said in a statement.

Total revenue rose to $3.695 billion, up from $3.648 billion a year ago.

Total client assets stood at $1.864 trillion, down from $2.183 trillion in December 2021.

For the whole Wells Fargo group, net income fell as costs surged last year. Net income stood at $2.864 billion from $5.75 billion; provision for credit losses was $957 million against a net release of $452 million a year earlier. Non-interest costs stood at $16.2 billion, up from $13.2 billion a year ago. Net revenue dropped to $19.7 billion from $20.9 billion.

The Common Equity Tier 1 ratio – a standard international measure of capital buffer – was 10.6 per cent at the end of 2022, it said.