Wells Fargo Profit Rises as Bank Boosts Lending
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Wells Fargo & Co., the largest U.S. home lender, reported a 24 percent rise in fourth-quarter earnings as the bank extended more credit. The shares slipped as margins narrowed and mortgage applications waned.
Net income advanced to a record $5.09 billion, or 91 cents a share, from $4.11 billion, or 73 cents, a year earlier, the San Francisco-based bank said today in a statement. Results beat the 89-cent average estimate of 27 analysts surveyed by Bloomberg. Revenue increased 7 percent to $21.9 billion, outpacing the 3 percent gain in noninterest expense.