Wells Fargo's Profits Dip Amid Loan Demand Slump

Wells Fargo's third-quarter profit declined due to lower loan demand and increased payments to depositors. The bank's net income fell to $5.11 billion, compared to $5.78 billion last year. Earnings per share dropped from $1.48 to $1.42.

Wells Fargo faced a challenging third quarter as its profits fell amid a backdrop of dwindling loan demand and elevated depositor payments.

The fourth-largest bank in the United States reported a net income of $5.11 billion for the quarter ending on September 30, a decrease from the $5.78 billion recorded in the same period last year.

Earnings per share also saw a decline, slipping to $1.42 from $1.48 compared to the year-earlier quarter, as revealed in their Friday announcement.

(With inputs from agencies.)