Wells Fargo, better quarterly than expected. Loss provisions have been reduced

(Teleborsa) – The Quarterly Report by Wells FargoIt is the fourth largest US bank, and it exceeded analysts’ expectations. In the first three months of 2021, the bank recorded revenues of $ 18 billion, up 2% over the same period last year. L ‘Earnings rose to $ 4.74 billion, or $ 1.05 a share, Down from $ 653 million, or one penny per share, in the first quarter of 2020. Analysts, on average, expected a profit of 70 cents per share.

“Our results are for the quarter, which includes A $ 1.6 billion pre-tax cut in loss provisionsReflecting the improvement of the US economy, our focus on strategic priorities and the continuous support of our customers. CEO Charlie Scharf. “Fees are at an all-time low and we are making changes to improve our operations and efficiency, but low interest rates and tepid demand for loans continued to affect the quarter,” he added.

Banking revenues for individuals and small businesses decreased by 6%, mainly due to the impact of lower interest rates and lower deposit fees. Activity trade By 19%, thanks to the growth in customer demand for financial products. The Wealth management and investment Revenue registered an 8% increase, also due to higher commissions.