Wells Fargo Beats Estimates on Higher Loans, Interest Income

Wells Fargo & Co., the world’s largest bank by market value, posted a third-quarter profit that beat analysts’ estimates on gains in interest income from asset purchases and new loans.

Net income climbed 1.2 percent to $5.8 billion, or $1.05 a share, from $5.73 billion, or $1.02, a year earlier, the San Francisco-based bank said Wednesday in a statement. The average estimate of 27 analysts surveyed by Bloomberg was for earnings of $1.04 a share. Revenue also beat estimates, rising 3.1 percent to $21.9 billion.