Wells Fargo & Company (NYSE:WFC) Q3 2024 Earnings Conference Call October 11, 2024 10:00 AM ET

Company Participants

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

Conference Call Participants

Scott Siefers - Piper Sandler
Ebrahim Poonawala - Bank of America
Erika Najarian - UBS
Betsy Graseck - Morgan Stanley
Matt O'Connor - Deutsche Bank
David Long - Raymond James
John Pancari - Evercore ISI
Gerard Cassidy - RBC Capital Markets

Operator

Welcome and thank you for joining the Wells Fargo Third 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

Thank you. 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 file today containing our earnings materials.

Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures can 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 third quarter results and 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 third quarter highlights. Our results were solid with $5.1 billion net income, diluted earnings per share of $1.42, an ROE of 11.7%, and an ROTCE of 13.9%. All were up from the second quarter. Our earnings profile is very different than it was five years ago, as we've been making strategic investments in many of our businesses and de-emphasizing or selling others. Our revenue sources are more diverse and our fee-based revenue has grown 16% during the first nine months of the year, largely offsetting the net interest income headwinds we have faced over the last year.