Financial services provider Wells Fargo & Company (NYSE: WFC) Wednesday said its first-quarter 2021 profit increased from last year aided by higher revenues. The results also topped Wall Street’s projection.
At $18.1 billion, first-quarter revenues were up 2% from the year-ago period and slightly above the consensus forecast.
Net income increased to $4.7 billion or $1.05 per share from $653 million or $0.01 per share in the first quarter of 2020. Analysts were looking for slower growth.
Read management/analysts’ comments on Wells Fargo’s Q1 earnings
Shares of Wells Fargo closed the last trading session lower but made modest gains early Wednesday following the earnings announcement.
