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Wells Fargo profit rises on reserve release boost By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: The Wells Fargo logo in New York City (USA), January 10, 2017 REUTERS/Stephanie Keith

(Reuters) – Wells Fargo (NYSE:) & Co 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.

Since 2018, the fourth largest U.S. bank was operating under consent orders by the Federal Reserve and two U.S financial regulators. The Fed has also capped its assets at $1.95 billion.

Lender reported that the allowance for credit losses decreased $1.7 billion during the third quarter.

The net income for the third quarter ended September 30th was $5.12 Billion, which is $1.17 per share. This compares with $3.22 Billion, or 70c per share, one year ago.

According to Refinitiv’s IBES estimates, analysts had on average expected profits of 99 cents per share.

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