Wells Fargo profit rises on asset sales boost

[January 14, 2022]  (Reuters) - Wells Fargo & Co reported a rise in fourth-quarter profit on Friday, propped up by gains from the sale of its corporate trust and asset management businesses.

The fourth-largest U.S. lender said profit rose to $5.8 billion, or $1.38 per share, in the three months ended Dec. 31, from $3.09 billion, or 66 cents per share, a year earlier.

Analysts on average had expected a profit of $1.13 per share, according to the IBES estimate from Refinitiv.

(Reporting by Noor Zainab Hussain in Bengaluru and Elizabeth Dilts-Marshall in New York; Editing by Sriraj Kalluvila)

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