Skip to content

Wells Fargo Says Lukewarm Loan Growth to Accelerate in 2022

  • Bank expects net interest income may rise 8% in 2022
  • Total earnings beat analysts’ expectations, expenses decline
Updated on

Wells Fargo & Co. reported tepid loan growth in the fourth quarter, but said borrowing is likely to pick up this year as clients start to take on debt again and government stimulus wanes. 

Net interest income, or the revenue the bank makes from loans minus what it pays depositors, may rise about 8% in 2022, the San-Francisco firm said Friday as it posted fourth-quarter earnings that beat analysts’ expectations. The bank also said expenses will decline 4.3% as Chief Executive Officer Charlie Scharf’s turnaround plan takes hold.