Wells Fargo's Financial Leap: Higher Profit via Interest Payments

Wells Fargo reported a significant profit increase in the third quarter of the year, driven by higher income from interest payments. The bank's net income reached $5.59 billion, or $1.66 per share, as compared to $5.11 billion, or $1.42 per share, in the same period last year.

In a financial boost, Wells Fargo announced a profitable third quarter, largely due to elevated income derived from interest payments. The bank's net income inched up to $5.59 billion.

This growth translated to an earnings of $1.66 per share, overtaking the previous year's $1.42 per share.

Wells Fargo, the fourth-largest U.S. lender, remains on an upward trajectory, surpassing its previous fiscal metrics.

(With inputs from agencies.)