Wells Fargo profit surges as bank commits less funds for potential bad loans

Wells Fargo & Co reported a strong rebound in first-quarter profit on Wednesday as the bank set aside less money to cover soured loans.

The fourth-largest U.S. lender said profit rose to $4.74 billion, or $1.05 per share, in the three months ended March, from $653 million, or 1 penny per share, a year earlier.

Analysts on average had expected a profit of 70 cents per share, according to the IBES estimate from Refinitiv.

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