Despite historically low loan delinquencies, Wells Fargo said Friday it decided to boost reserves as the economy slows, cutting into its third-quarter profit. Shares of Wells Fargo rose more than 3% after the bank’s results exceeded expectations. Here’s how the bank compared with Refinitiv’s earnings per share: $1.30 adjusted vs. $1.09 expected. Revenue: $19.51 billion vs. $18.78 billion expected.

Net income for the quarter that ended Sept. 30 dropped more than 30% to $3.53 billion, or 85 cents per share, from $5.12 billion, or $1.17 per share, during the same quarter last year. After adjustments, Wells exceeded analysts’ expectations with earnings per share of $1.30. It said that its performance was significantly impacted by operating losses of $2 billion, or 45 cents per share, caused by litigation, customer remediation, and regulatory matters. Wells operates under a series of consent orders tied to its 2016 fake accounts scandal, including one from the Fed that caps its asset growth. In the latest period, the bank set aside $784 million for credit losses after reducing its provisions by $1.4 billion a year ago. The bank said that the provision included a $385 million increase in the allowance for credit losses reflecting loan growth and a less favorable economic environment.