Apr
14
Wells Fargo Profit Falls 5.9% on Higher Loan-Loss Provisions
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Lender has set aside $1.7 billion to cover soured energy loans
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Profit, revenue top analysts’ estimates as expenses climb
Wells Fargo & Co., Wall Street’s top oil and gas banker, said first-quarter profit fell 5.9 percent as the firm set aside more money for soured energy loans and expenses increased.
Net income slid to $5.46 billion, or 99 cents a share, from $5.8 billion, or $1.04, a year earlier, the San Francisco-based lender said Thursday in a statement. That beat the 97-cent average estimate of 29 analysts surveyed by Bloomberg…
Wells Fargo Profit Falls 5.9% on Higher Loan-Loss Provisions
