Wells Fargo Matches Estimates as Higher Rates Hurt Mortgages

Wells Fargo & Co., the biggest U.S. home lender, posted profit that matched analysts’ estimates as higher interest rates crimped revenue from mortgage banking.

Second-quarter net income was little changed at $5.72 billion, or $1.03 a share, from $5.73 billion, or $1.01, a year earlier, the San Francisco-based bank said Tuesday in a statement. Net interest margin, a profitability measure for lending, climbed to 2.97 percent from 2.95 percent at the end of March.