Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates.
The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank in a so far successful effort to prevent a third failure.
Wells said Friday that it earned $5 billion, or $1.23 per share, in the three months ended March 31, beating analyst projections by 10 cents a share. Revenue of $20.7 billion topped Wall Street’s target of $20.1 billion, a 17 percent increase….