Wells Fargo Posts Record Profit on New Loans, Reserves
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Wells Fargo & Co., the largest U.S. home lender, posted a record profit as lending expanded for the first time in at least a year.
Net income rose 21 percent to a $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. Results were helped by $850 million released from reserves as loan losses eased, and Wells Fargo told investors to expect more in the future.