Wells Fargo profits rise despite hit to home mortgages
NEW YORK CITY (AFP) - US banking giant Wells Fargo Friday reported a 13 per cent rise in profits even as the results showed a big drop-off in home mortgages compared with the prior quarter.
Wells Fargo, the nation's largest mortgage originator, said third quarter earnings came in at US$5.32 billion (S$6.64 billion) on revenues of US$20.48 billion.
The results were strengthened by an improvement in credit quality, which enabled a net charge-off of US$975 million, down US$1.4 billion from the year-ago period.
Overall loans also increased. End-of-quarter loans came in US$812.3 billion, up from the US$800.2 billion reported last quarter.