Wells Fargo
Q3 2022 Earnings Call
Oct 14, 2022, 10:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome and thank you for joining the Wells Fargo third quarter 2022 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 the conference.
John Campbell -- Director of Investor Relations
Good morning. 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 financial measures 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.
Charlie Scharf -- Chief Executive Officer
Thanks, John and good morning, everyone. I will make some brief comments about our third quarter results, the operating environment and update you on our priorities. I will then turn the call over to Mike to review third quarter results in more detail before we take your questions. Let me start with the third quarter highlights.
Our solid business performance this quarter was significantly impacted by $2 billion or $0.45 per share in operating losses related to litigation, customer remediation and regulatory matters primarily related to a variety of historical matters. As you know, we have been and remain focused on increasing our earnings capacity and see the positive impact of rising interest rates, driving strong net interest income growth and our continued focus on improving operating efficiencies, resulting in lower expenses, excluding operating losses. Credit quality remains strong and we continue to invest in our technology platforms, digital capabilities, and delivering additional products to our customers and clients. While we are closely monitoring trends with economic conditions expected to weaken given inflation, geopolitical instability, energy price volatility, and rising interest rates, our customers continue to be resilient with overall strong credit performance and solid cash flow.