Wells Fargo boosted by non-interest income

Rising investment banking earnings buoyed Wells Fargo’s (US:WFC) profits in the fourth quarter of 2024, as US banks celebrate the return of big deals.

While the average loan volume narrowed slightly in the last three months of last year, and net interest income was constrained due to the deposit mix and pricing changes, investment banking fees surged in the period, a result of the ongoing diversification of the bank’s commercial activities. Consequently, non-interest income increased by 11 per cent to $8.54bn, helped along by improved venture capital investments.