Wells Fargo 2Q profit of $2.58B surpasses expectations

Wells Fargo has joined other big banks in reporting significant second-quarter results, with a 47 percent rise in profit helped by its acquisition of Charlotte, N.C.,-based Wachovia Corp.
JUL 22, 2009
Wells Fargo has joined other big banks in reporting significant second-quarter results, with a 47 percent rise in profit helped by its acquisition of Charlotte, N.C.,-based Wachovia Corp. Wells Fargo posted net income of $2.58 billion, or 57 cents per share, for the quarter, above analyst expectations for 34 cents per share. The San Francisco-based retail bank said it had strong profit from its mortgage banking business. But, like Bank of America Corp. and JPMorgan Chase & Co., it reported rising losses from failed loans. Wells Fargo said it recorded a $5.1 billion provision for loan losses during the second quarter.

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