Wells Fargo’s Second-Quarter Profit Climbs on Mortgages
This article is for subscribers only.
Wells Fargo & Co., the most valuable U.S. bank and largest home lender, reported second-quarter profit increased 17 percent on strength in mortgage banking and a drop in expenses.
Net income advanced to a record $4.62 billion, or 82 cents a share, from $3.95 billion, or 70 cents, a year earlier, the San Francisco-based company said today in a statement. Income before taxes and provisions climbed, and the shares posted their best gain in four months.