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4/14, 1:51 PM (Source: TeleTrader)
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Wells Fargo's reports revenue at $18.06B in Q1

Wells Fargo & Co. announced on Wednesday that its revenues in the first quarter of 2021 amounted to $18.06 billion, climbing 2% year on year and topping market estimates. Net income soared to $4.74 billion, compared to $653 million reported a year earlier, while diluted earnings per share (EPS) stood at $1.05.

"Our results for the quarter, which included a $1.6 billion pre-tax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for our customers and our communities," CEO Charlie Scharf stated.

Average loans were down 9% year on year and fell 3% compared to the previous quarter. Average deposits grew 4% on a yearly basis and gained 1% quarter on quarter.

Wells Fargo shares added 0.15% in premarket trading following the announcement.

Breaking the News / NP