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Wells Fargo & Co.’s profit declined 21% in the first quarter, despite increased lending and a release of more than $1 billion in funds the bank had set aside for potential losses.

The San Francisco-based bank said Thursday that it made $3.67 billion in the first quarter, down from $4.64 billion a year ago. Per-share earnings totaled 88 cents, above the 81 cents expected from analysts polled by FactSet.

Source: WSJ

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