Finance

Wells Fargo profit rises on reserve release boost

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A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

Oct 14 (Reuters) - Wells Fargo & Co (WFC.N) reported a rise in third-quarter profit on Thursday as the bank released funds set aside to cover soured loans brought on by the COVID-19 pandemic.

The fourth-largest U.S. lender reported net income of $5.12 billion, or $1.17 per share, for the quarter ended Sept. 30, compared with $3.22 billion, or 70 cents per share, a year earlier.

Analysts on average had expected a profit of 99 cents per share, according to the IBES estimate from Refinitiv.

Reporting by Noor Zainab Hussain in Bengaluru and Michelle Price in WASHINGTON; Editing by Aditya Soni

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