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Wells Fargo Beats Profit Estimates Though Struggles on Expenses


Wells Fargo beats profit estimates though struggles on expenses
Hannah Levitt and Kevin Orland, Bloomberg News
McCreath: 40% of S&P earnings per share growth due to U.S. banks
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Wells Fargo & Co. posted profit that topped analysts’ estimates, though the lender still struggled to rein in expenses, providing another reminder of the bank’s long road to getting costs under control.
Net income rose to US$4.74 billion, boosted by a larger-than-expected release of loan-loss reserves, the San Francisco-based company said Wednesday. Non-interest expenses were US$14 billion, up from a year earlier and a touch higher than analysts forecast, while net interest income was lower than expected. ....

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U.S. Wells Fargo announces net income of 4.7 bln USD in Q1 - World News


2021-04-14 22:08:04 GMT2021-04-15 06:08:04(Beijing Time) Xinhua English
SAN FRANCISCO, April 14 (Xinhua) Multinational financial services company Wells Fargo & Company on Wednesday reported a net income of 4.74 billion U.S. dollars for the first quarter of 2021, up 626 percent compared with 0.65 billion dollars for the same period of the previous year.
The company s total quarterly revenue counts 18.06 billion U.S. dollars, an increase of 2 percent compared to the first quarter of 2020, according to the report.
Our results for the quarter, which included a 1.6 billion U.S dollars pre-tax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on our strategic priorities, Chief Executive Officer Charlie Scharf commented on the quarter. ....

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