Wells Fargo: Q3 profit leaps 59%
(CercleFinance.com) - On Thursday Wells Fargo reported a 59% jump in quarterly profit thanks to a decline in credit-loss provisions and the effects of a recovery in economic activity.
The San Francisco-based bank posted Q3 net income of 5.1 billion dollars, or 1.17 dollar per share, compared with 3.2 billion dollars, or 70 cents per share, a year ago.
This is well above the consensus of 99 cents per share.
Meanwhile, net banking income fell 2% to 18.8 billion dollars in the July-September period, although the banking group benefited from a 13% drop in non-interest expenses, which fell to 13.3 billion dollars from 15.2 billion dollars a year earlier.
Following these results, Wells Fargo shares were up 1.3% in pre-market trading.
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The San Francisco-based bank posted Q3 net income of 5.1 billion dollars, or 1.17 dollar per share, compared with 3.2 billion dollars, or 70 cents per share, a year ago.
This is well above the consensus of 99 cents per share.
Meanwhile, net banking income fell 2% to 18.8 billion dollars in the July-September period, although the banking group benefited from a 13% drop in non-interest expenses, which fell to 13.3 billion dollars from 15.2 billion dollars a year earlier.
Following these results, Wells Fargo shares were up 1.3% in pre-market trading.
Copyright (c) 2021 CercleFinance.com. All rights reserved.