Industry News

Wells Fargo real estate loan banking revenue nearly triples

Company reports 13 percent jump in profit

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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 rose to $1.98 billion, or $1.16 per share, from $1.75 billion, or $1.02, a year earlier. Earnings per share have increased at least 10 percent in 15 of the last 16 quarters. The company's revenue rose 16...