Wells Fargo profit rises on asset sales boost

Wells Fargo & Co reported a rise in fourth-quarter profit on Friday, propped up by gains from the sale of its corporate trust and asset management businesses.

The fourth-largest U.S. lender said profit rose to $5.8 billion, or $1.38 per share, in the three months ended Dec. 31, from $3.09 billion, or 66 cents per share, a year earlier.

Analysts on average had expected a profit of $1.13 per share, according to the IBES estimate from Refinitiv.