Go to the Globe and Mail homepage

Jump to main navigationJump to main content

A Wells Fargo banking centre in North Carolina. (CHRIS KEANE/REUTERS)
A Wells Fargo banking centre in North Carolina. (CHRIS KEANE/REUTERS)

Wells Fargo reports higher profit Add to ...

Wells Fargo & Co. missed Wall Street earnings estimates by a penny even as third-quarter profit rose on lower costs for bad loans.

Wells Fargo, the fourth-biggest U.S. bank, said net income for common shareholders was $3.84-billion, or 72 cents a share. Analysts’ average estimate was 73 cents, according to Thomson Reuters I/B/E/S. Profit a year earlier was $3.15-billion.

More related to this story

The bank’s provision for credit losses fell to $1.81-billion from $3.44-billion a year earlier.

“We can’t change the economic environment, yet we have worked hard to control the variables we can,” chief executive officer John Stumpf said in a statement. “The economic recovery has been more sluggish and uneven than anyone anticipated.”

 
Live Discussion of WFC on StockTwits
More Discussion on WFC-N

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories