Wells Fargo profit falls as pandemic hits growth

In this news, we discuss the Wells Fargo profit falls as pandemic hits growth.

(Reuters) – Wells Fargo & Co WFC.N on Wednesday reported a 57% drop in third-quarter profits as the bank’s loan portfolio shrank and interest rates near zero and higher costs took hurt its bottom line.

The bank said common stock net income of $ 1.72 billion, or 42 cents per share, for the quarter ended September 30, from $ 4.04 billion, or 92 cents per share a year earlier .

Analysts had expected earnings of 45 cents a share, according to data from Refinitiv, but it was not immediately clear whether the numbers were comparable.

Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in New York; Editing by Bernard Orr

Original © Thomson Reuters

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