Wells Fargo profit rises on reserve release boost

Wells Fargo & Co (WFC.N) reported a rise in third-quarter profit on Thursday as the bank released funds set aside to cover soured loans brought on by the COVID-19 pandemic.

The fourth-largest U.S. lender reported net income of $5.12 billion, or $1.17 per share, for the quarter ended Sept. 30, compared with $3.22 billion, or 70 cents per share, a year earlier.

Analysts on average had expected a profit of 99 cents per share, according to the IBES estimate from Refinitiv.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe