Page 1

Company - wide Financial Summary Selected Income Statement Data ( $ in millions except per share amounts ) Total revenue News Release | October 14 , 2021 WELLS Wells Fargo Reports Third Quarter 2021 Net Income FARGO of $ 5.1 billion , or $ 1.17 per Diluted Share Selected Balance Sheet Data ( $ in billions ) O O Noninterest expense Provision for credit losses Performance Metrics ROE² ROTCE³ Net income Diluted earnings per common share Average loans Average deposits CET1¹ Quarter ended Sep 30 , 2020 1 Sep 30 , 2021 3 $ 18,834 13,303 ( 1,395 ) 5,122 1.17 $ 854.0 1,450.9 11.6 % 11.1 % 13.2 19,316 15,229 769 3,216 0.70 931.7 1,399.0 11.4 7.2 8.7 Operating Segments and Other Highlights Quarter ended ( $ in billions ) Average loans Consumer Banking and Lending $ 325.6 Commercial Banking 178.6 Corporate and Investment Banking Wealth and Investment Management Average deposits Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Capital Sep 30 , 2021 O 257.3 82.8 848.4 199.2 189.4 176.6 Sep 30 , 2021 % Change from Jun 30 , Sep 30 , 2021 2020 ( 2 ) % 2 1 2 3 ( 1 ) Third quarter 2021 results included : $ 1.7 billion , or $ 0.30 per share , decrease in the allowance for credit losses $ ( 250 ) million , or $ ( 0.05 ) per share , impact of an operating loss associated with the September 2021 Office of the Comptroller of the Currency ( OCC ) enforcement action 1 Repurchased 114.2 million shares , or $ 5.3 billion , of common stock in third quarter 2021 • Increased the common stock dividend to $ 0.20 per share , up from $ 0.10 per share in the prior quarter ( 14 ) ( 12 ) 3 5 12 11 Chief Executive Officer Charlie Scharf commented on the quarter , " The actions we're taking to improve operating effectiveness and financial returns are coming through in our results , in addition to the benefits we're experiencing from the economic recovery . We recorded a $ 1.7 billion pre - tax reduction in the allowance for credit losses and had strong equity gains . More importantly , charge - offs were low , net interest income stabilized and period - end loans grew for the first time since first quarter 2020. Expenses continued to decline as we made progress on our efficiency initiatives , and we increased our capital return to shareholders by repurchasing $ 5.3 billion of common stock and increasing our dividend . " ( 16 ) " While the recent expiration of the 2018 CFPB consent order regarding retail sales practices is an important milestone in our progress to correct our past practices , the recent OCC enforcement actions are a reminder that the significant deficiencies that existed when I arrived must remain our top priority . We are a different company today and the operational and cultural changes we've made are enabling us to execute with significantly greater discipline than we have in the past . I believe we are making significant progress , and I remain confident in our ability to continue to close the remaining gaps over the next several years , though we may continue to have setbacks along the way , " Scharf continued . " The investments we're making in risk and regulatory - related work come alongside investments we're making in customer experience . These include new digital and mobile capabilities , a new digital infrastructure strategy , and new products with unique value propositions , including the Wells Fargo Reflect Card , which is the second new product in our redesigned portfolio of consumer credit cards , " Scharf added . " Finally , we continue to invest in our communities . We have donated $ 305 million from our Open for Business Fund , which has helped nearly 150,000 small businesses across the country navigate the challenges posed by the COVID - 19 pandemic . Business owners have used the funding to pay their employees , pivot to new business models , buy needed supplies , and meet other business needs . We're really proud of it , " Scharf concluded . Represents the lower of our Common Equity Tier 1 ( CET1 ) ratio calculated under the Standardized Approach and under the Advanced Approach . See tables on pages 27-28 of the 3Q21 Quarterly Supplement for more information on CET1 . CET1 is a preliminary estimate . 2 Return on equity ( ROE ) represents Wells Fargo net income ( loss ) applicable to common stock divided by average common stockholders ' equity . Tangible common equity and return on average tangible common equity ( ROTCE ) are non - GAAP financial measures . For additional information , including a corresponding reconciliation to GAAP financial measures , see the " Tangible Common Equity " tables on pages 25-26 of the 3Q21 Quarterly Supplement .