Pedestrians pass a Wells Fargo bank branch in New York, U.S., on Thursday, Jan. 13, 2022.
Victor J. Blue | Bloomberg | Getty Images
Wells Fargo said Friday that it is still seeing historically low loan delinquencies, but it made a decision to build up reserves as the economy slows, cutting into its third-quarter profits.
Wells Fargo shares were up more than 3%, as its results topped expectations.
Here’s how the bank did compared with Refinitiv estimates:
- Earnings per share: $1.30 adjusted vs. $1.09 expected
- Revenue: $19.51 billion vs. $18.78 billion expected
In the quarter ended Sept. 30, net income fell more than 30% to $3.53 billion, or 85 cents per share, from $5.12 billion, or $1.17 per…