NEW YORK (Agefi-Dow Jones)–Wells Fargo on Friday reported a 31% drop in third-quarter net profit to $3.53 billion from $5.12 billion a year earlier.
Earnings per share were 85 cents, compared to $1.17 a year earlier. Analysts polled by FactSert had expected $1.09 per share.
The group’s net banking income, on the other hand, increased by 4%, to 19.51 billion dollars, against 18.77 billion dollars expected by analysts.
Wells Fargo also said it increased its provisions for bad debts by $784 million, due to the deterioration in economic conditions. The bank had made a reversal of provisions of $ 1.4 billion in the third quarter of 2021.
-Ben Eisen, The Wall Street Journal
(French version Emilie Palvadeau) ed: LBO
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October 14, 2022 08:34 ET (12:34 GMT)