The San Francisco bank earned $5.8 billion, or $1.38 per share, handily surpassing the $1.11 industry analysts were expecting, according to a survey by the data firm FactSet. Wells took in $20.86 billion in sales in the quarter, also topping Wall Street projections of $18.8 billion. The bank had revenue of $18.49 billion in the same quarter last year.
For the full year, Wells collected $21.5 billion in profit, or $4.95 per share. Sales for 2021 came in at $78.49 billion, a 5% increase over 2020, when the bank reported revenue of $74.26 billion. Wells said its position improved last year partly due its ability to reduce expenses while deposits grew as the economy bounced back from the coronavirus downturn of the 2020.