Wells Fargo profit rises on reserve release boost

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

 

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.

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