Wells Fargo & Co. said earnings rose in the first three months of the year after the bank earlier in the pandemic released money it had set aside for bad loans.
Lending in San Francisco on Wednesday posted a profit of $ 4.74 billion for the first quarter, up from $ 653 million a year earlier. A year ago, Wells Fargo and other large banks set aside billions of dollars to prepare for a resonance of the coronavirus, which had curtailed their profits at the time.
Earnings per share were $ 1.05, which predicted the 71 cents in a FactSet poll among analysts.
Wells Fargo said it had revenue of $ 18.06 billion, up 2% from $ 17.72 billion a year earlier. That beats the $ 17.52 billion analysts expect.
The bank’s sevenfold increase in profits took place during an economic revival. This has prompted banks to release some of the money they hid last year to protect against backed loans, which have made their profits.