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Tuesday, October 20, 2020

Wells Fargo Posts $2 Billion Profit In 3Q, Reversing 2Q Loss

FILE – In this July 10, 2019, photo a Wells Fargo building is shown in downtown Minneapolis. Wells Fargo reported earnings of $2 billion on Wednesday, Oct. 14, 2020, less than half it made in the same period last year but a significant recovery from last quarter, when it lost $2.4 billion. (AP Photo/Jim Mone, File)

Wells Fargo says it earned $2 billion in the third quarter, less than half of what it made in the same period last year but a significant improvement from this year’s second quarter, when it posted a loss.

Wells Fargo says it earned $2 billion in the third quarter, less than half of what it made in the same period last year but a significant improvement from this year’s second quarter, when it posted a loss.

The San Francisco bank said Wednesday that it earned 42 cents per share, less than the 44 cents Wall Street analysts were expecting.

Wells reported revenue of $18.86 billion in the quarter, also down from last year’s third quarter when it took in $22 billion. Wall Street analysts had projected the bank would post $18 billion in revenue.

Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year’s period. Noninterest income of was $9.5 billion, down $891 million from 2019.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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