Wells Fargo sees FY23 NII 16% higher than FY22’s $45B

2023 net interest income is expected to be ~16% higher than the full year 2022 level of $45B, up from prior guidance of ~14% higher, with 4Q23 expected to be ~$12.7B, Wells Fargo said in presentation slides ahead of its Q3 earnings conference call. 2023 noninterest expense excluding operating losses is expected to be ~$51.5B, up from prior guidance of ~$51B, with 4Q23 expected to be ~$12.6B.