By 
Wells Fargo reported growing profits Friday as the bank benefited from higher interest rates, despite building up loan loss reserves.
Here’s how Wells Fargo did in the first quarter compared with Refinitiv estimates:
- Earnings per share: $1.23 per share GAAP versus 90 cents a year ago and $1.13 expected.
- Revenue: $20.73 billion versus $20.08 billion expected.
related investing news
The bank’s shares climbed 1% initially but closed Friday’s session 0.1% lower.
Wells Fargo increased its net income by more than 30% to nearly $5 billion in the first quarter from a year ago. The bank said its net interest income, what it makes lending money minus what it pays out to customers, increased 45% on the…
Source cnbc.com
