Wells Fargo, the country’s largest mortgage lender, reported that its second-quarter profit rose by 3 percent, over the year earlier. The bank was helped by an increase in deposit balances and a drop in the amount of loans that went bad.
Net income rose to $5.42 billion for the three months ended in June, up from $5.27 billion a year earlier. That’s after taking out dividends for preferred stock. Revenue declined 1 percent to $21.1 billion over the year. That was better than the $20.8 billion analysts had expected, according to the data provider FactSet. Quarterly earnings were $1.01, exactly what analysts had forecast.
Wells Fargo funded $47 billion worth of mortgages in the second quarter, a steep drop from the $112 billion in home loans made a year earlier.Associated Press
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