Wells Fargo & Company announced its first quarter 2026 financial results, reporting a net income of $5.3 billion, up from $4.89 billion, or $1.39 per share, a year earlier.
Net interest income increased by 5%, driven by higher deposit balances and lower deposit costs, improved results in the Markets business, increased loan and investment securities balances, and fixed-rate asset repricing, partially offset by the impact of lower interest rates on floating-rate assets.
Noninterest income rose by 8%.
The company reported that its exposure to private-credit firms was about $36.2 billion in the first quarter.
Chairman and Chief Executive Officer Charlie Scharf told investors, “We saw continued positive impacts from the investments we have been making, with diluted earnings per share increasing 15%, revenue increasing 6%, loans increasing 11%, and deposits increasing 7% compared to a year ago. Revenue growth was driven by both a 5% increase in net interest income and an 8% increase in noninterest income. Credit performance remained strong, with net loan charge-offs stable at 45 basis points. We returned $4 billion to shareholders through common stock repurchases while continuing to operate with significant excess capital.”
“Our consistent focus on investing across all of our businesses helped contribute to broad-based revenue growth, with each of our operating segments increasing revenue from a year ago. Consumer Banking and Lending revenue grew 7% and Commercial Banking grew 7% as well. Within our Corporate and Investment Bank we saw an 11% increase in Banking revenue and a 19% increase in Markets revenue. Wealth and Investment Management grew 14%,” Scharf added.
“In our credit card business, we launched two new cards in the first quarter, and the product enhancements we have made over the past five years drove higher card fees and purchase volume. Auto originations and balances increased, and new consumer checking account openings were higher. We continued to see momentum in our Wealth and Investment Management business with client assets growth of 11% to $2.2 trillion. Strong customer engagement helped to drive higher loan and deposit balances in Commercial Banking. We continued to grow our Investment Banking business, including increasing market share in Equity Capital Markets in the first quarter, and we ended the quarter with a strong investment banking pipeline,” Scharf continued.
“While markets have been volatile, we still see continued resilience in the underlying economy, and the financial health of the consumers and businesses we serve remains strong, though the impact of higher oil prices will likely take some time to materialize. We will continue to monitor trends and respond accordingly, and we are well positioned to support our customers across a range of economic scenarios. We have clear strategic plans in place that are focused on growing returns by using our broad set of capabilities. I am encouraged by the momentum we are seeing and confident in our ability to continue to grow across our businesses,” Scharf concluded.
The company’s shares dropped 2.2% in premarket trading after the announcement.
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