Wells Fargo Posts 14% Profit Increase
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Wells Fargo & Co., the most profitable U.S. bank in 2013, posted a 14 percent rise in first-quarter earnings as fewer customers missed loan payments.
Net income advanced to $5.89 billion, or $1.05 a share, from $5.17 billion, or 92 cents, a year earlier, the San Francisco-based company said today in a statement, marking the 12th consecutive record quarter. While the results beat Wall Street estimates, revenue fell 3 percent and profit was down 2 percent before changes in taxes and reserve levels.