Wells Fargo
Q4 2022 Earnings Call
Jan 13, 2023, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome, and thank you for joining the Wells Fargo fourth-quarter 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. [Operator instructions] Please note 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, Investor Relations
Thank you. Good morning. Thank you for joining our call today with our CEO, Charlie Scharf; and our CFO, Mike Santomassimo, who will discuss fourth-quarter results and answer your questions. This call is being recorded.
Before we get started, I would like to remind you that our fourth-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 the 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 final 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. I'll make some brief comments about our fourth-quarter results, and then update you on our priorities. I'll then turn the call over to Mike to review fourth-quarter results in more detail and some of our expectations for 2023 before we take your questions. Let me start with fourth-quarter highlights.
Our results were significantly impacted by previously disclosed operating losses, but our underlying performance reflected the continued progress we're making to improve returns. Rising interest rates drove strong net interest income growth. Our continued progress and our efficiency initiatives helped to drive expenses lower excluding operating losses. Loans grew in both our commercial and consumer portfolios, and charge-offs have continued to increase but credit quality remains strong.
Our capital levels also remained very strong. And our CET1 ratio increased to 10.6%, well above our required minimum plus buffers. We also continue to make progress on putting legacy issues behind us. Our broad reaching agreement with the CFPB in December is an important step forward that helps us resolve multiple matters, the majority of which have been outstanding for several years.