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Wells Fargo Profit Beats Estimates as Mortgage Revenue Rises

By Tony Seruga

Provisions for loan losses fall 25% from previous quarter
CEO Sloans says ‘will work tirelessly’ to win back reputation

Wells Fargo & Co., the lender whose chief executive officer stepped down this week amid a scandal in its branch network, posted third-quarter profit that beat analysts’ estimates as loan-loss provisions improved and revenue from mortgage banking increased.

Net income slid to $5.64 billion, or $1.03 a share, from $5.8 billion, or $1.05, a year earlier, the San Francisco-based company said Friday in a statement. The average estimate of 28 analysts surveyed by Bloomberg was for per-share profit of $1.01. Total revenue increased 1.8 percent to $22.3 billion, exceeding analysts’ expectations…

Wells Fargo Profit Beats Estimates as Mortgage Revenue Rises

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