Industry News

Wells Fargo’s mortgage revenues fall

Company still reports record earnings

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Wells Fargo today reported record diluted earnings per common share of $1.03 for the first quarter, compared with $0.88 in the first quarter of 2003, a 17 percent increase. Net income was a record $1.8 billion, up 18 percent from $1.5 billion in first quarter 2003.   Revenue of $7.1 billion grew 7 percent, or $465 million, from a year ago.   Home mortgage revenue, however, declined from $1.2 billion in the first quarter of 2003 to $0.8 billion. The company attributed the drop to the rise in interest rates late last year. *** Send a Letter to the Editor for publication.Send a comment or news tip to our newsroom.Please include the headline of the story. ...