Wells Fargo & Co. said Thursday it expects to report first-quarter net income of about $3 billion.

It was unclear whether the figures are comparable with those of a year ago, after the bank issued $25 billion in preferred shares to the U.S. government.

It could not immediately be determined whether the $3 billion was before or after dividends paid to the U.S. Treasury.

The bank reported preliminary earnings for the first quarter of about 55 cents a share to common shareholders, compared to 60 cents a year earlier.

A year ago, the bank reported first-quarter profit of $2 billion.

Wells Fargo shares climbed 23 percent to $18.30 in premarket trading. (Reuters)