RTTNews | Oct 14, 2021 07:30AM EDT

07:30 Thursday, October 14, 2021 (RTTNews.com) - Wells Fargo & Company (WFC) on Thursday reported earnings that increased from last year particularly helped by a decrease in provision for loan losses. However, net interest income and non-interest income dropped from last year.

Net income was $5.122 billion or $1.17 per share in the third quarter, higher than $3.216 billion or $0.70 per share in the same quarter a year ago.

Revenue for the quarter declined to $18.834 billion from $19.316 billion last year on lower net interest income.

Net interest income decreased 5% to $8.909 billion in the third quarter from $9.379 billion a year ago, due to soft demand and higher prepayments.

Non interest income was $9.925 billion compared with $9.937 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share on revenue of $18.35 billion for the quarter. Analysts' estimate typically exclude special items.

The company said provision for credit losses in the third quarter decreased about $1.7 billion from the previous year and reported an allowance of $1.395 billion, due to continued improvements in the economic environment, as well as a significant decrease in net charge-offs.

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