Wells Fargo projects $3 billion profit

April 9, 2009 5:40:39 AM PDT
Wells Fargo says it expects to report record earnings for the first quarter, easily surpassing analysts' estimates.

The news is helping send stock futures higher.

The San Francisco-based bank, which has received billions of dollars in government funds, says it expects to earn $3 billion, or 55 cents per share, for the quarter ended March 31. Analysts polled by Thomson Reuters, on average, forecast earnings of 23 cents per share.

Wells Fargo had earned $2 billion during the first quarter last year.

Charge-offs are expected to total $3.3 billion for the first quarter, compared with a combined $6.1 billion between Wells Fargo and Wachovia during the fourth quarter. Wells Fargo completed its acquisition of Wachovia Jan 1.

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