Wells Fargo & Co. (NYSE:WFC) Q3 2023 Earnings Conference Call October 13, 2023 10:00 AM ET

Company Participants

John Campbell – Director, IR

Charles Scharf - President, CEO & Director

Michael Santomassimo - Senior EVP & CFO

Conference Call Participants

John McDonald - Autonomous Research

Steven Chubak - Wolfe Research

Robert Siefers - Piper Sandler & Co.

Ebrahim Poonawala – Bank of America Merrill Lynch

John Pancari - Evercore ISI

Gerard Cassidy - RBC Capital Markets

Erika Najarian - UBS

Matthew O’Connor - Deutsche Bank

Operator

Welcome and thank you for joining the Wells Fargo Third Quarter 2023 Earnings Conference Call. [Operator Instructions].

I would now like to turn the call over to John Campbell, Director of Investor Relations. Sir, you may begin the conference.

John Campbell

Good morning, everyone. Thank you for joining our call today where our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, will discuss third quarter results and answer your questions. This call is being recorded.

Before we get started, I would like to remind you that our third 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 filed today containing our earnings materials. Information about any non-GAAP financials referenced, including a reconciliation of those measures to GAAP measures, can also be found in our SEC filings and the earnings materials available on our website.

I will now turn the call over to Charlie.

Charles Scharf

Thanks very much, John. I'll make some brief comments about our third quarter results and update you on our priorities. I'll then turn the call over to Mike to review third quarter results in more detail before we take your questions.

Let me start with some third quarter highlights. Our results reflected the progress we're making to improve our financial performance. Revenue, pretax provision profit, net income, diluted earnings per common share and ROTCE were all higher than a year ago. Our revenue reflected strong net interest income growth as well as higher noninterest income as we benefited from higher rates and the investments we're making in our businesses. Our expenses declined from a year ago due to lower operating losses.