Wells Fargo announces net income of 5.1 bln USD in Q3

Wells Fargo, Public domain, via Wikimedia Commons
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(Xinhua) Multinational financial services company Wells Fargo & Company on Thursday reported a net income of 5.1 billion U.S. dollars for the third quarter of 2021, compared with 3.2 billion dollars for the same period of the previous year.

The company’s total quarterly revenue counts 18.8 billion U.S. dollars, compared to 19.3 in the third quarter of 2020, according to the report.

The company’s diluted earnings per common share increases to 1.17 U.S. dollars from 0.70 dollar of the third quarter last year.

“The actions we’re taking to improve operating effectiveness and financial returns are coming through in our results, in addition to the benefits we’re experiencing from the economic recovery,” Chief Executive Officer Charlie Scharf commented on the quarter.

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“We recorded a 1.7 billion U.S. dollars pre-tax reduction in the allowance for credit losses and had strong equity gains … We increased our capital return to shareholders by repurchasing 5.3 billion U.S. dollars of common stock and increasing our dividend,” he added.