Wells Fargo Posts Surprise Revenue Rise With Consumer Loan Boost
- Bank gets bump from higher rates, increase in new auto loans
- Shares climb after the first jump in revenue this year
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Wells Fargo & Co. hasn’t yet fixed all of its problems, but at least it stopped its revenue slump.
The bank posted a surprise increase in revenue, with the figure rising to $21.9 billion in the third quarter, after analysts expected a slight decline. The bank benefited from rising interest rates and saw growth in consumer-lending originations in areas such as auto and personal loans, it said in a statement Friday.