Wells Fargo Tops Q1 Earnings Estimates

Wells Fargo (NYSE: WFC) beat earnings estimates in the first quarter, boosted by higher revenue and a significant release of loan loss reserves.

The nation's third largest bank posted earnings of $4.7 billion, or $1.05 per share, which was up substantially from a year ago when the pandemic shut down the economy and led to massive provisions for credit losses, which dragged its net income down to $653 million, or $0.01 per share.

Wells Fargo generated $18.1 billion in revenue in the first quarter, up about 2.2% from a year ago, while non-interest expenses rose 7.7% year over year to $14 billion. The big difference was the build-up in the loan loss reserve.

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Source Fool.com