Wells Fargo quarterly profit rises on one-time tax benefit

(Reuters) – Wells Fargo & Co (N:) posted an 18 percent rise in fourth-quarter profit, driven by a one-time tax benefit related to President Donald Trump’s new tax laws.

Net income applicable to shareholders rose to $5.74 billion, or $1.16 per share on GAAP basis, in the quarter ended Dec. 31, from $4.87 billion or 96 cents per share a year ago. http://reut.rs/2ATeBng

Analysts on average were looking for $1.07 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

The quarter included a $3.35 billion one-time after-tax boost from writing down its deferred tax liabilities to reflect the new U.S. corporate tax rates.

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