Wells Fargo<\/ps-link> benefitted from “continued resiliency in the underlying economy,” despite macroeconomic headwinds, Chairman and CEO Charlie Scharf said in a press release. <\/p>\n“The financial health of the consumers and businesses we serve remains strong, though the impact of higher oil prices will likely take some time to materialize,” Scharf said.<\/p>\n
The war in the Middle East is “certainly is having an impact” on consumers’ overall spending, Chief Financial Officer Mike Santomassimo said Tuesday on a conference call with reporters. Though consumers are paying more for gas, overall activity “continues to be quite resilient and quite strong.” <\/p>\n
“What we’re seeing right now is quite a strong and resilient economy,” Santomassimo added.<\/p>\n
Revenue from Wells’ consumer banking and lending activities totaled $10 billion for the three months ending March 31, up 7% year over year. The company reported solid year-over-year increases in credit and debit-card purchase volumes, while auto loan originations more than doubled to $9.7 billion. <\/p>\n
Meanwhile, markets revenue, covering the equities and fixed-income, currencies and commodities businesses, jumped 19% from the first quarter of 2024 to $2.17 billion. <\/p>\n
Company-wide revenue totaled $21.4 billion, up 6% from the first quarter of 2025.<\/p>\n
“It was a really good solid start to the year,” Santomassimo said on the conference call. <\/p>\n
Net chargeoffs of $1.1 billion were 0.45% of average total loans, level with the first-quarter 2025 result. Nonaccrual loans totaled 0.83% of average total loans, down from 0.87% a year ago. <\/p>\n
Wells Fargo<\/ps-link> reported loans of $1.02 trillion on March 31, up 11% year over year, and outpacing analysts’ expectations, according to Keith Horowitz, who covers Wells Fargo<\/ps-link> for Citi.<\/p>\nThat total included $210.2 billion in loans to financial institutions other than banks. <\/b>Bank lending to so-called NDFI institutions<\/u><\/ps-link> has emerged as an area of concern among analysts and investors, but Santomassimo said Wells Fargo’s<\/ps-link> portfolio remains sound. <\/p>\n“We’re quite comfortable with the risks that we have in that portfolio,” Santomassimo said. <\/p>\n
First-quarter deposits of $1.45 trillion were up 6.8% from 2025.<\/p>\n
Wells Fargo<\/ps-link> has been on an upward trajectory since June, when regulators lifted a $1.95 trillion asset cap<\/u><\/ps-link> they imposed in 2018, following the disclosure of a massive phony-accounts scandal<\/u><\/ps-link>. <\/p>\nThe company ended 2025<\/u><\/ps-link> on a high note, reporting a $5.4 billion fourth-quarter profit that represented a 5.5% increase over the comparable 2024 result. Full-year 2025 earnings of $21.3 billion were up roughly 7% over 2024.<\/p>\nIn a research note last month, Jefferies analyst David Chiaverini initiated coverage of Wells with a “buy” rating and a $100-per-share price target. Shares in the company were trading down 5% on Tuesday morning at $82.15.<\/p>\n
Chiaverini described Wells as “entering a period of meaningful balance sheet growth” following the lifting of the asset cap. <\/p>\n
“Wells Fargo<\/ps-link> can deliver this accelerated growth without assuming the execution risk typically associated with geographic expansion or new product launches,” given its nationwide footprint and comprehensive product set, Chiaverini wrote.<\/p>\n<\/div>\nSource link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Key insight: The company continues to benefit from growth in loans, deposits and revenue in the wake of its release from a seven-year asset cap. Supporting data: The loan portfolio topped $1 trillion at the end of the first-quarter. Expert quote: Though consumers are paying higher prices for gas, spending activity “continues to be quite<\/p>\n","protected":false},"author":1,"featured_media":27543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[247,876,1729,869,175,868],"class_list":{"0":"post-27542","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-boost","9":"tag-businesses","10":"tag-consumer","11":"tag-fargo","12":"tag-markets","13":"tag-wells"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/27542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27542"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/27542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/27543"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}