Wells Fargo posts higher quarterly profit

Wells Fargo & Co reported a higher quarterly profit on Friday, as stabilizing credit costs helped offset the hit from low-interest rates meant to prop up the ailing economy during the COVID-19 pandemic.

The San Francisco-based bank reported net income of $2.99 billion, or 64 cents per share, for the quarter ended Dec. 31, compared with $2.87 billion, or 60 cents per share a year earlier.

Analysts had expected a profit of 60 cents per share on average, according to the IBES estimate from Refinitiv.