Wells Fargo on Wednesday posted better-than-expected earnings and said that it expects net interest income to be higher in the coming year.

The San Francisco-based lender was among several banks that announced fourth-quarter results on Wednesday. All of the banks, including JPMorgan Chase and Goldman Sachs, reported large profits, a signal that corporate clients are optimistic about the economy and incoming Trump administration.

“We succeed when the country succeeds,” Charlie Scharf, Wells Fargo’s CEO, said during an earnings conference call. “The incoming administration’s support of U.S. businesses and consumers, gives us optimism as we look forward.

“Additionally, the incoming administration has signaled a more business-friendly approach to policies and regulations, which should benefit the economy and our clients,” Scharf said.

In the fourth quarter, which ended Dec. 31, Wells Fargo reported:

• Net income of nearly $5.1 billion, or $1.43 per share. That’s a 47% increase from a year ago, when net income was $3.44 billion, or 86 cents a share. Analysts had expected fourth-quarter earnings per share of $1.35.
• Revenue of $20.38 billion, slightly lower than a year ago when revenue was $20.78 billion.

Michael Santomassimo, Wells Fargo’s chief financial officer, said in the earnings call that the lender expects 2025 net interest income to be 1% to 3% higher than the $47.6 billion earned in 2024. Net interest income is a key measure of what banks make on loans.

“We expect net interest income to be relatively stable in the first half of 2025, which includes the impacts of two fewer days in the first quarter, with more growth in the second half of the year,” Santomassimo said.

He also said that average loans are expected to grow “modestly” in 2025, particularly in the lender’s auto and credit card portfolios.

Wells Fargo has a large presence in Central Iowa, with about 11,000 employees in the area, according to the Greater Des Moines Partnership. To learn more about Wells Fargo’s fourth-quarter earnings, click here.