Wells Fargo raises interest income forecast as third-quarter profit tops estimates

on Friday beat analysts’ estimates for third-quarter profit as it benefited from customers paying more interest and raised its annual forecast for future income from interest payments.

The swiftest tightening of U.S. monetary policy in 40 years aimed at reining in sticky inflation has buoyed banks’ interest income.Shares of the bank rose 2 per cent in premarket trading after the results.on Friday posted a rise in third-quarter profit as higher interest rates boosted its income from loans.

Deposits have also been in focus after customers precipitated the collapse of three regional lenders by rushing to pull out their money.

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