Wells Fargo’s mortgage revenues fall

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.