Wells Fargo joined most other big banks in reporting a big second-quarter profit even as losses from failed loans kept rising.
The bank said Wednesday that its earnings, which rose 47 percent from a year earlier, were aided by the acquisition of the struggling Wachovia Corporation in December.
Wells Fargo said its earnings after payment of preferred dividends came to $2.58 billion, or 57 cents a share, up from $1.75 billion, or 53 cents a share, a year earlier.
The earnings surpassed the 34 cents a share forecast of analysts surveyed by Thomson Reuters. Wells Fargo’s revenue of $22.5 billion also beat their forecast.
Comment: But so far this morning the stock is down a buck and a half!