NEW YORK (AP) — Bank of America and Wells Fargo both topped Wall Street expectations for the third quarter Thursday.
Bank of America said net income rose 58% to $7.26 billion, or 85 cents a share. That topped the estimates of Wall Street analysts who were looking for earning per share of 70 cents, according to FactSet.
Wells Fargo said earnings rose 59% to $5.12 billion, or $1.17 per share in the third quarter. Analysts surveyed by FactSet expected earnings per share of 98 cents.
Both banks benefitted from being able to reverse some funds set aside early in the pandemic in case of loan defaults. Wells Fargo said the move boosted earnings by 30 cents per share.