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by CareyBot

Gains in mortgages and other lending helped Wells Fargo, the nation's No. 2 mortgage lender, produce a 13 percent jump in quarterly profit, helping offset losses from consumer bankruptcies and Hurricane Katrina, the company said today. Mortgage banking revenue nearly tripled amid a surge in home loans, Wells Fargo reported today, helping the company score net income of $1.98 billion for the third quarter, or $1.16 a share. A group of analysts polled by Thomson Financial had predicted that the company would report $1.15 a share. Almost every one of the company's consumer and commercial business lines achieved double-digit profit growth, the company said. Wells Fargo also fared better than most of its rivals in keeping its lending margins from shrinking. Net income in the third quarter ros...