Wells Fargo's profit beat expectations in the fourth quarter, powered by a rebound in dealmaking activity and forecast it would earn more from interest payments this year, sending shares up 6%. The bank said that it has a solid pipeline in its investment banking business while its net interest income,

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Wells Fargo (NYSE:WFC) shares climbed more than 2% in premarket trading Wednesday after the US bank reported better-than-expected earnings per share (EPS) and net interest income for the fourth quarter of fiscal 2024.

Wells Fargo's profit climbed in the fourth quarter, buoyed by stronger investment banking earnings, it said on Wednesday.

On Wednesday, three of the four largest U.S. banks—JPMorgan Chase, Wells Fargo, and Citigroup—will report their earnings for 2024 and the fourth quarter, as will Goldman Sachs, the sixth-largest lender. Bank of America and Morgan Stanley are due to report on Thursday morning.

JPMorgan, Wells Fargo, Goldman Sachs and Citi are kicking off earnings season on Wednesday with their December-quarter results.

Wells Fargo reported earnings per share of $1.43 for the fourth quarter, beating Wall Street’s consensus estimate of $1.35. A year earlier, the bank reported profit of 86 cents a share. Net interest income,

Fourth quarter net income for Wells Fargo increased to $5.08 billion from $3.45 billion compared to the same period in the previous year, the US financial services company said on Wednesday. Earnings per share were $1.