Wells Fargo profit falls as pandemic hits growth

© Reuters. Wells Fargo Bank branch is seen in New York

(Reuters) – Wells Fargo & Co (N:) reported a 57% drop in third-quarter profit on Wednesday as the bank’s loan book shrank and near-zero interest rates and higher costs hurt its bottom line.

The bank reported net income applicable to common stock of $1.72 billion, or 42 cents per share, for the quarter ended Sept. 30, compared with $4.04 billion, or 92 cents per share a year earlier.

Analysts had expected a profit of 45 cents per share, according to Refinitiv data, but it was not immediately clear if the numbers were comparable.

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