NEW YORK — Bank of America and Wells Fargo each topped Wall Road expectations for the third quarter Thursday.
Bank of America mentioned web earnings rose 58% to $7.26 billion, or 85 cents a share. That topped the estimates of Wall Road analysts who have been on the lookout for incomes per share of 70 cents, in keeping with FactSet.
Wells Fargo mentioned earnings rose 59% to $5.12 billion, or $1.17 per share within the third quarter. Analysts surveyed by FactSet anticipated earnings per share of 98 cents.
Each banks benefitted from with the ability to reverse some funds put aside early within the pandemic in case of mortgage defaults. Wells Fargo mentioned the transfer boosted earnings by 30 cents per share.