U.S. Wells Fargo announces net income of 4.7 bln USD in Q1

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SAN FRANCISCO, April 14 (Xinhua) — Multinational financial services company Wells Fargo & Company on Wednesday reported a net income of 4.74 billion U.S. dollars for the first quarter of 2021, up 626 percent compared with 0.65 billion dollars for the same period of the previous year.

The company’s total quarterly revenue counts 18.06 billion U.S. dollars, an increase of 2 percent compared to the first quarter of 2020, according to the report.

“Our results for the quarter, which included a 1.6 billion U.S dollars pre-tax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on our strategic priorities,” Chief Executive Officer Charlie Scharf commented on the quarter.

“Our work to build the appropriate risk and control environment remains our top priority. This is a multi-year effort … We are steadfast in our commitment to do this work which should ultimately satisfy our regulatory obligations,” he added. Enditem

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