Wells Fargo's Q2 Profit Soars on Higher Interest Income.

Wells Fargo's profit rose 32% in Q1 2022 due to higher interest rate payments, but the bank set aside $1.21 billion to cover potential loan losses. The bank contributed $5 billion to a group of large U.S. banks that injected a combined $30 billion in deposits into First Republic Bank in March. Deposits at Wells Fargo fell 2% to $1.36 trillion at the end of March. Net-interest income surged 45% to $13.34 billion in the first quarter.