Wells Fargo profit beats Wall Street estimates as credit costs stabilize

Wells Fargo & Co reported first-quarter profit ahead of Wall Street estimates on Wednesday as the bank set aside less money to cover soured loans. The fourth-largest U.S. lender said profit rose to $4.

74 billion, or $1.05 per share, in the three months ended March, from $653 million, or 1 penny per share, a year earlier. Analysts on average had expected a profit of 70 cents per share, according to the IBES estimate from Refinitiv. The slight year-earlier profit was caused by an exceptionally large provision for potential loan.

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