Business

Wells Fargo’s earnings skyrocket as the economy recovers

Wells Fargo & Co. Said that revenue surged in the first three months of the year.

San Francisco-based lenders posted a profit of $ 4.74 billion in the first quarter on Wednesday, up from $ 635 million in the previous year. A year ago, Wells Fargo and other major banks secured billions of dollars to prepare for the coronavirus recession. Hit their profits At the time.

Earnings per share is $ 1.05, above the 71 cents predicted by analysts’ FactSet polls.

According to Wells Fargo, sales were $ 18.60 billion, up 2% from $ 17.72 billion in the previous year. This exceeded analysts’ expectations of $ 17.52 billion.

A seven-fold increase in Wells Fargo’s profits occurred while it was being shaped for an economic revival. As a result, banks began to release some of the money they saved last year to protect them from sour loans, which boosted their bottom line.

Wells Fargo’s earnings skyrocket as the economy recovers

Source link Wells Fargo’s earnings skyrocket as the economy recovers

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