Source: www.reuters.com
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(Reuters) - Wells Fargo & Co reported a nearly 21% drop in first-quarter profit on Thursday, as rising inflation and interest rates, as well as worries over the economic impact of the Ukraine war dented its core businesses.
The fourth-largest U.S. lender posted a profit of $3.67 billion, or 88 cents per share, for the three months ended March 31, compared with $4.64 billion, or $1.02 per share, a year earlier.
Analysts on average were expecting the bank to report a profit of 80 cents per share, according to Refinitiv data.
Reporting by Sohini Podder in Bengaluru and Elizabeth Dilts-Marshall in New York; Editing by Arun Koyyur
