Wells Fargo profit jumps 24 percent to record high
January 12, 2013 12:28 AM EST
Wells Fargo & Co
The fourth-biggest U.S. bank said net income was $5.1 billion, or 91 cents a share, compared with $4.1 billion, or 73 cents a share, in the same period a year earlier.
The latest results included a previously announced pre-tax charge of $644 million for Wells Fargo's share of an $8.5 billion settlement that ends a U.S. government-mandated review of financial crisis-era foreclosures.
Analysts' average earnings forecast was 88 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable.
Wells Fargo, the largest U.S. home lender, said fees from mortgages climbed to $3.1 billion from $2.4 billion a year ago as homeowners continued to refinance their homes at low rates. The bank issued $125 billion in mortgages during the quarter, which was down from $139 billion in the third quarter.
The bank's provision for loan losses fell to $1.8 billion from about $2 billion a year ago as borrowers continued to do a better job of making their payments.
(Reporting By Rick Rothacker in Charlotte, North Carolina; editing by John Wallace)
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- iOS 8 Release Date Of Sept 17 Has Arrived: Update Begins At 10AM Pacific Time, Upgrade Your iDevices With iOS 7.1.2 First To Install iOS 8
- iPhone 6 Plus vs Xiaomi Mi4 – The iPhone Killer Certainly Can Battle Well With The New Apple Phablet
- Ukraine Crisis: Poland Denies Supplying Weapons To Kiev
- Google Nexus 8 Release Date Countdown Begins Oct 8: 8 Killer Specs and Features to Expect
- Malaysia Airlines Flight MF 370: Indonesian Police Chief Claims He Knows What Happened To Missing Jet
- HTC Desire 820 (Octa-Core) vs. Sony Xperia Z3 Compact – Specifications, Features, Release Date And Price Showdown