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Wells Fargo & Company (NYSE:WFC) reported a net interest income of $11.95 billion on Tuesday, up 2% year over year in the third quarter of 2025.
The growth was driven by fixed-rate asset repricing, improved results in the Markets business, and higher investment securities and loan balances, partially offset by changes in the deposit mix.
Noninterest income increased 9% to $9.49 billion, driven by higher asset-based fees in Wealth and Investment Management, as well as increased market valuations and investment banking fees.
The bank reported earnings of $1.66 per share, beating the consensus of $1.54. The bank reported an adjusted earnings per share of $1.73, which beat the analyst consensus of $1.54. Adjusted EPS excludes about 7 cents of severance expenses.
Revenue increased 5% year over year to $21.44 billion. Analysts expected $21.15 billion.
Provision for credit losses decreased 36% to $681 million, reflecting an improvement in credit performance and lower commercial real estate loan balances, partially offset by higher commercial and industrial, auto, and credit card loan balances.
The return on equity ratio for the third quarter was 13.9%, the Efficiency ratio was 62%, and the CET Ratio was 11.6%.
Corporate and Investment Banking revenues decreased 1% to $4.88 billion.
Banking was up 1% driven by higher investment banking revenue and lower deposit pricing, partially offset by the impact of lower interest rates.
Average loans up 2%, year-over-year, as higher commercial and industrial loans, securities-based loans in Wealth and Investment Management (WIM), credit card loans, and auto loans were partially offset by declines in commercial real estate and residential mortgage loans.
"While some economic uncertainty remains, the U.S. economy has been resilient, and the financial health of our clients and customers remains strong. Spending on debit and credit cards continued to increase, while auto loan originations experienced strong growth from a year ago, Chairman and CEO Charlie Scharf commented on Tuesday.
For fiscal year 2025, Wells Fargo expects net interest income to be roughly in line with the 2024 income of $47.7 billion, unchanged from prior guidance.
For the fourth quarter of 2025, the company expects net interest income to be approximately $12.4 billion to $12.5 billion.
The U.S. bank expects fiscal 2025 noninterest expense to be approximately $54.6 billion, up from its prior guidance of around $54.2 billion. Wells Fargo expects its fourth-quarter noninterest expense to be approximately $13.5 billion.
Wells Fargo has raised its return on tangible common equity target to between 17% and 18%, up from the prior target of 15%, as the bank pursues revenue growth opportunities.
Price Action: WFC stock is trading higher by 3.88% to $81.94 at last check on Tuesday.
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Posted In: WFC
