Business

Wells Fargo posts higher quarterly profit

Wells Fargo & Co reported a higher quarterly profit on Friday, as stabilizing credit costs helped offset the hit from low-interest rates meant to prop up the ailing economy during the COVID-19 pandemic.

Wells Fargo Bank branch is seen in New York
FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon

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REUTERS: Wells Fargo & Co reported a higher quarterly profit on Friday, as stabilizing credit costs helped offset the hit from low-interest rates meant to prop up the ailing economy during the COVID-19 pandemic.

The San Francisco-based bank reported net income of US$2.99 billion, or 64 cents per share, for the quarter ended Dec. 31, compared with US$2.87 billion, or 60 cents per share a year earlier.

Analysts had expected a profit of 60 cents per share on average, according to the IBES estimate from Refinitiv.

(Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in New York; Editing by Bernard Orr)

Source: Reuters