Wells Fargo Bank announced on Wednesday a significant increase in its profits during the fourth quarter of 2024, supported by strong growth in investment banking services. The bank reported a net income of $5.08 billion, or $1.43 per share, representing a growth of 47.24% compared to a net income of $3.45 billion, or $0.86 per share, in the same period last year.
The bank saw a remarkable growth in its investment banking revenue, with investment banking fees rising by 59% to reach $725 million compared to the previous year. Additionally, the bank's global investment banking revenue recorded an increase of 26%, reaching $86.80 billion in 2024.
The bank also noted that it benefited from easier comparisons to the previous year, where it had incurred significant charges related to severance costs and special assessment fees imposed on it to replenish the government deposit insurance fund.
In terms of stock performance, Wells Fargo's shares saw an increase of 42.7% in 2024, outperforming competitors such as JPMorgan, Bank of America, and Citigroup, as well as the broader KBW Bank Index.
On Wednesday's trading session, Wells Fargo shares (NYSE: WFC) rose by 5.18%, or $3.69 per share, trading close to $74.88 during pre-market trading.
