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Wells Fargo Profit Meets Estimates as Mortgage Revenue Drops

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Wells Fargo & Co., the biggest U.S. home lender, posted a third-quarter profit that matched analysts’ estimates as fees from mortgage banking fell and lending margins narrowed.

Net income rose 2.7 percent to $5.73 billion, or $1.02 a share, from $5.58 billion, or 99 cents, a year earlier, the San Francisco-based lender said today in a statement. That met the average estimate of 25 analysts surveyed by Bloomberg.