Wells Fargo profit rises on reserve release boost

(Reuters) - Wells Fargo & Co reported a rise in third-quarter profit on Thursday as the bank released funds set aside to cover soured loans brought on by the COVID-19 pandemic.

The fourth-largest U.S. bank has operated since 2018 under consent orders from the Federal Reserve and two other U.S. financial regulators to improve governance and oversight, with the Fed also capping its assets at $1.95 trillion.

The lender reported a $1.7 billion decrease in the allowance for credit losses in the quarter.

It reported a net income of $5.12 billion, or $1.17 per share, for the quarter ended Sept. 30, compared with $3.22 billion, or 70 cents per share, a year earlier.

Analysts on average had expected a profit of 99 cents per share, according to the IBES estimate from Refinitiv.

Reporting by Noor Zainab Hussain in Bengaluru and Michelle Price in WASHINGTON; Editing by Aditya Soni

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold