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Wells Fargo swings to profit as coronavirus blow softens

Wells Fargo & Co. returned to profitability in the third quarter after the lender wrote off fewer loans amid a downturn related to the COVID-19 pandemic.

The San Francisco-based lender earned $2.04 billion, or 42 cents per share, missing the 45 cents that Wall Street analysts surveyed by Refinitiv were expecting. The results were an improvement from last quarter’s $2.38 billion loss, but marked a 56% decline from the $4.61 billion earned a year ago.

Revenue, meanwhile, fell 14% to $18.9 billion, outpacing the $17.98 billion that was anticipated.

Ticker Security Last Change Change %
WFC WELLS FARGO & COMPANY 23.77 -0.93 -3.77%

“Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively impacted our results, while historically low interest rates reduced our net interest income and our expenses continued to remain elevated,” CEO Charlie Scharf said in a statement.

This story is developing. Check back for updates.

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