Wells Fargo (WFC) Q1 Earnings Surpass Estimates, Costs Rise
富国银行 (WFC) 第一季度盈利超出预期，成本上升
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Wells Fargo & Company’s WFC first-quarter 2024 adjusted earnings per share of $1.26 surpassed the Zacks Consensus Estimate of $1.10. The adjusted figure excludes the impacts of expenses from the FDIC special assessment. In the prior-year quarter, the company reported earnings per share of $1.23.
富国银行 (Wells Fargo & Company)的 WFC 2024 年第一季度调整后每股收益为 1.26 美元，超过 Zacks 一致预期的 1.10 美元。调整后的数字不包括 FDIC 特别评估费用的影响。去年同期，该公司公布的每股收益为 1.23 美元。
Results have benefited from higher non-interest income. An improvement in capital ratios and a decline in provisions were other positives. However, the decrease in net interest income (NII) and loan balances and an increase in expenses were the undermining factors.
业绩受益于非利息收入的增加。资本比率的改善和准备金的下降也是其他积极因素。然而，净利息收入（NII）和贷款余额的减少以及费用的增加是影响因素。
Net income was $4.6 billion, which decreased 7.5% from the prior-year quarter.
净利润为 46 亿美元，比去年同期下降 7.5%。
Quarterly Revenues Improve
季度收入改善
Quarterly total revenues were $20.86 billion, surpassing the Zacks Consensus Estimate of $20.17 billion. Also, the top line rose 1.9% from the year-ago quarter.
季度总收入为 208.6 亿美元，超过 Zacks 一致预期的 201.7 亿美元。此外，营收较去年同期增长 1.9%。
Wells Fargo’s NII was $12.23 billion, down 4.3% year over year. NII was affected by higher interest rates on funding costs and lower loan balances, partially offset by higher yields on earning assets.
富国银行的NII为122.3亿美元，同比下降4.3%。国家信息基础设施受到融资成本利率上升和贷款余额下降的影响，但部分被生息资产收益率上升所抵消。
The net interest margin (on a taxable-equivalent basis) declined year over year to 2.81% from 3.20%.
净息差（按应税当量计算）同比从 3.20% 下降至 2.81%。
Non-interest income grew 16.8% to $8.64 billion. The improvement was driven by higher trading revenues, increased investment banking and wealth management fees and reduced impairment.
非利息收入增长 16.8%，达到 86.4 亿美元。这一改善是由交易收入增加、投资银行和财富管理费用增加以及减值减少推动的。
Non-interest expenses were $14.34 billion, up 4.8% year over year. This was mainly due to a rise in operating losses, increased FDIC assessments, improved revenue-related compensation and investment in technology and equipment, partially offset by WFC’s efficiency initiatives.
非利息支出143.4亿美元，同比增长4.8%。这主要是由于经营亏损增加、FDIC 评估增加、与收入相关的薪酬以及技术和设备投资的改善，但部分被 WFC 的效率举措所抵消。
Wells Fargo's efficiency ratio of 69% was higher than 66% in the year-ago quarter. An increase in the efficiency ratio indicates a deterioration in profitability.
富国银行的效率为 69%，高于去年同期的 66%。效率比率的上升表明盈利能力的恶化。
As of Mar 31, 2024, total loans of $922.8 billion declined 1.5% on a sequential basis. Total deposits were $1.38 trillion, up 1.8% on a sequential basis.
截至 2024 年 3 月 31 日，贷款总额为 9,228 亿美元，环比下降 1.5%。存款总额为 1.38 万亿美元，环比增长 1.8%。
Credit Quality Deteriorates
信用质量恶化
The provision for credit losses was $938 million, down 22.3% from the prior-year quarter.
信贷损失拨备为 9.38 亿美元，比去年同期下降 22.3%。
However, net loan charge-offs were $1.15 billion or 0.50% of average loans in the reported quarter, up 90.2% year over year. Further, non-performing assets jumped 34.2% to $8.24 billion.
然而，报告季度的净贷款冲销额为 11.5 亿美元，占平均贷款的 0.50%，同比增长 90.2%。此外，不良资产跃升 34.2%，达到 82.4 亿美元。
Capital Ratio Improves 资本比率改善
As of Mar 31, 2024, the Tier 1 common equity ratio was 11.2% under the Standardized Approach, up from 10.8% reported in the first quarter of 2023.
截至 2024 年 3 月 31 日，标准法下的一级普通股比率为 11.2%，高于 2023 年第一季度报告的 10.8%。
Profitability Ratio Deteriorates
盈利率恶化
Return on assets was 0.97%, down from the prior-year quarter’s 1.09%. Return on equity of 10.5% decreased from 11.7% year over year.
资产回报率为 0.97%，低于去年同期的 1.09%。股本回报率从去年同期的 11.7% 下降至 10.5%。
