Wells Fargo has reported a net income of $4.6 billion for the first quarter of 2024, which equates to $1.20 per diluted share. This is a decrease from the first quarter of 2023, where the net income was $4.991 billion and the diluted earnings per share were $1.23.
In terms of selected balance sheet data, the average loans for the first quarter of 2024 were $928.1 billion, a slight decrease from the first quarter of 2023, where the average loans were $948.7 billion. Similarly, the average deposits for the first quarter of 2024 were $1,341.6 billion, down from $1,356.7 billion in the first quarter of 2023.
Looking at performance metrics, the return on equity (ROE) for the first quarter of 2024 was 10.5%, a decrease from 11.7% in the same period last year. Additionally, the return on tangible common equity (ROTCE) for the first quarter of 2024 was 12.3%, down from 14.0% in the first quarter of 2023.
Breaking down the performance by operating segments, in the first quarter of 2024, the average loans in the consumer banking and lending segment decreased by 1% from the previous quarter, and by 3% from the first quarter of 2023. The average deposits in the consumer banking and lending segment also decreased by 1% from the previous quarter and by 8% from the first quarter of 2023.
In contrast, the corporate and investment banking segment saw a 6% increase in average deposits from the previous quarter and a 16% increase from the first quarter of 2023. However, the wealth and investment management segment experienced a 1% decrease in average loans from the previous quarter and a significant 20% decrease from the first quarter of 2023.
The press release also highlights the repurchase of 112.5 million shares, amounting to $6.1 billion, of common stock in the first quarter of 2024. Additionally, the first quarter results include an additional expense for the estimated FDIC special assessment of $(284) million, or ($0.06) per share.
Chief Executive Officer Charlie Scharf commented on the results, noting the progress made in improving and diversifying the financial performance. He also emphasized the completion of an important milestone with the termination of a consent order issued in 2016 regarding sales practices misconduct.
Scharf reiterated the company's commitment to improving efficiency while continuing to invest in core infrastructure and new products and services to better serve customers. Notably, the introduction of autograph journey, designed for frequent travelers, and investments in talent and technology in the corporate and investment banking businesses were highlighted as driving fee-based growth.
Today the company's shares have moved 0.1% to a price of $56.77. For the full picture, make sure to review Wells Fargo &'s 8-K report.
