Wells Fargo & Co. said revenue rose during the first three months of the year after the bank released some of the money it left for bad loans before the pandemic.
The San Francisco-based lender on Wednesday posted a profit of $ 4.74 billion during the first quarter, up from $ 653 million the previous year. A year ago, Wells Fargo and other large banks spent billions of dollars to prepare for a coronavirus recession, which earned its profits at the time.
Earnings per share were $ 1.05, exceeding the 71 cents forecast in a FactSet analyst survey.
Wells Fargo said it had revenue of $ 18.06 million, up 2% from $ 17.72 million a year earlier. This exceeded the $ 17.52 million expected by analysts.
The seventh increase in bank profits occurred during what is shaping up to be an economic resurgence. This has prompted banks to release some of the money they saved last year to protect themselves against foreclosed loans, which has increased their results.