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(AOF) – The American bank Wells Fargo revealed better-than-expected quarterly profits. Third-quarter net income was $5.11 billion, or $1.42 per share, compared with $5.77 billion, or $1.48 per share, a year earlier. Earnings per share adjusted for exceptional items came to $1.52, compared to a consensus of $1.28 per share. Provisions for bad debts fell 11% to $1.07 billion.
Revenue fell 2% to $20.37 billion. Interest income fell 11% to $11.69 billion while Wall Street was targeting $11.87 billion. Wells Fargo slightly lowered its outlook for the year. Interest income is now expected to fall by around 9% compared to 8% to 9% previously.
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