Wells Fargo Misses Estimates as Home Lending Weakens
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Wells Fargo & Co., the largest U.S. home lender, posted a fourth-quarter profit that missed some analysts’ estimates as income from mortgage banking weakened.
Net income rose 21 percent to a record $3.41 billion, or 61 cents a diluted share, from $2.82 billion, or 8 cents, in the same period a year earlier, the San Francisco-based bank said today in a statement. Twenty-nine analysts surveyed by Bloomberg estimated profit of 63 cents. Profit for the full year advanced 1 percent to $12.4 billion.