(Reuters) – Wells Fargo reported quarterly profit up 86% on Friday, driven by the sale of its asset management and issuer services businesses.
These disposals increased the Californian bank’s net income by $943 million in the last three months of 2021.
It thus posted a profit of 5.8 billion dollars (5.06 billion euros), or 1.38 dollars per share, in the fourth quarter, against 3.09 billion dollars (2.70 billion euros) or $0.66 per share, over the corresponding period in 2020.
Analysts had expected earnings per share of $1.13, according to Refinitiv data.
The number four credit provider in the United States has remained under close scrutiny by federal authorities since a scandal that erupted in 2016 with the discovery of millions of fictitious accounts and illegal sales techniques. The size of its balance sheet has been capped by the Federal Reserve since 2018.
Wells Fargo shares gained 2.3% in pre-market trading on Wall Street after the earnings release.
(Reporting Noor Zainab Hussain in Bangalore and Elizabeth Dilts-Marshall in New York; French version Valentine Baldassari)
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