UPDATE 1-Wells Fargo profit boosted by one-time tax benefit

From Reuters - January 12, 2018

(Reuters) - Wells Fargo & Co (WFC.N) posted an 18 percent rise in fourth-quarter profit on Friday, driven by a one-time tax benefit related to President Donald Trumps 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.

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

Shares of Wells Fargo were down 1 percent at $62.32 in premarket trading.

The company, which has been struggling to cut costs in the wake of a sales practices scandal, said it expects full-year 2018 total expenses of $53.5 billion to $54.5 billion.


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