Wells Fargo profit grows, shares rise in premarket

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Wells Fargo & Co. WFC, +3.68% said Friday its fourth-quarter profit increased to $5.75 billion, or $1.38 a share, from $3.09 billion, or 66 cents a share in the year-ago quarter. Revenue increased to $20.86 billion from $18.49 billion. The San Francisco-based banking giant was expected to earn $1.11 a share on revenue of $18.79 billion, according to a FactSet survey of Wall Street analysts. “The changes we’ve made to the company and continued strong economic growth prospects make us feel good about how we are positioned entering 2022,” CEO Charlie Scharf said. “But we also remain cognizant that we still have a multiyear effort to satisfy our regulatory requirements – with setbacks likely to continue along the way – and we continue our work to put exposures related to our historical practices behind us.” The stock rose 1% in premarket trades. Wells Fargo shares have risen 16.7% so far in 2022, compared to a loss of 2.3% by the S&P 500.

This article was originally published by Marketwatch.com. Read the original article here.

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