Wells Fargo & Co. WFC, -0.05% stock is up 0.8% in premarket trades after it beat its net income and revenue targets. Wells Fargo said its first-quarter profit rose to $4.99 billion, or $1.23 a share, from $3.79 billion, or 91 cents a share, in the year-ago period. Revenue grew to $20.73 billion from $17.73 billion. Wells Fargo was expected to earn $1.13 a share on revenue of $20.09 billion, according to estimates compiled by FactSet. CEO Charlie Scharf said the first-quarter results were “strong” and that the bank is “glad to have been in a strong position to help support the U.S. financial system during the recent events that impacted the banking industry.” Shares of Wells Fargo are down just under 4% in 2023, compared an 8% rise by the S&P 500 SPX, -0.21%, a 2.7% gain by the Dow Jones Industrial Average DJIA, -0.42% and a 4.8% year-to-date drop by the Financial Select Sector SPDR Fund XLF, +0.98%
This article was originally published by Marketwatch.com. Read the original article here.