Wells Fargo Q2 Profit Up on Loan Growth

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00002214-wells-fargo-q2-profit-up-on-loan-growth/

By Michael Liedtke, AP

Wells Fargo & Co. said Tuesday its second-quarter profit climbed 11 percent as increased customer borrowing, continued deposit growth and investment gains helped the nation’s fifth largest bank overcome a sharp drop in revenue from home mortgages.

The San Francisco-based company said it earned $1.91 billion, or $1.12 per share, for the three months ended in June. That compared with net income of $1.71 billion, or $1 per share, at the same time last year.

Revenue totaled $7.87 billion, up 6 percent from $7.43 billion a year ago.

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Wells Fargo Q2 Profit Up on Loan Growth

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