Wells Fargo earnings rise in 3Q as loan book grows
UNDATED (AP) -- Wells Fargo is reporting higher earnings and revenue for the third quarter, thanks to higher fees a rise in trading revenue.
The bank's net income applicable to common shareholders rose 23 percent to $4.72 billion from $3.84 billion in the same period a year earlier.
That amounts to 88 cents per share, a cent higher than the estimate of analysts polled by FactSet. Revenue rose 8 percent to $21.21 billion, slightly lower than analysts expected.
Wells, based in San Francisco, expanded its loan book by offering more loans to consumers. Corporate loans shrank modestly.
Wells is more confident that its loans will be repaid. It released $200 million that it had set aside earlier to cover possible loan losses.
The stock fell 2 percent in pre-market trading Friday to $34.44.
(Copyright 2012 by The Associated Press. All Rights Reserved.)