Wells Fargo & Company (NYSE:WFC) Q1 2024 Earnings Call Transcript April 12, 2024 10:00 AM ET

Company Participants

John Campbell - Director of IR
Charlie Scharf - CEO
Mike Santomassimo - CFO

Conference Call Participants

John McDonald - Autonomous Research
Ebrahim Poonawala - Bank of America
Ken Houston - Jefferies
Betsy Graseck - Morgan Stanley
Erika Najarian - UBS
Steven Chubak - Wolfe Research
John Pancari - Evercore ISI
Matt O'Connor - Deutsche Bank
Gerard Cassidy - RBC Capital Markets
Dave Rochester - Compass Point Research
Vivek Juneja - JPMorgan

Operator

Welcome and thank you for joining the Wells Fargo First Quarter 2024 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 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

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

Before we get started, I would like to remind you that our first 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.

Charlie Scharf

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

Let me start with some first quarter highlights. Our solid results reflect the progress we're making to improve and diversify our financial performance and the continued strength in the US economy. It's gratifying to see the investments we're making across the franchise contributing to higher revenue versus the fourth quarter as an increase in non-interest income more than offset the expected decline in net interest income. Non-interest income also benefited from higher equity markets, which benefited our wealth and investment management business. Net charge offs were higher than a year ago, as expected, and stable from the fourth quarter. Credit trends remain generally consistent, consumer delinquencies continue to perform as we’ve forecasted and year-over-year growth in consumer spend remains consistent with prior quarters.