Wells Fargo's earnings edge up as revenue rises
NEW YORK (AP) — Wells Fargo & Co., the country's biggest mortgage lender, reported a slightly higher fourth-quarter profit as it generated more income from interest payments.
Quarterly net income rose to $5.38 billion from $5.37 billion a year earlier, the San Francisco-based bank said Wednesday. That's after taking out dividends for preferred stock. On a per-share basis, adjusted earnings worked out to $1.02.
The earnings results matched Wall Street's expectations, according to the data provider FactSet.
The bank's stock fell 34 cents, less than 1 percent, to $51.51, in off-hours trading.
Revenue rose 4 percent to $21.4 billion in the three months ending in December, which narrowly topped forecasts. Analysts expected $21.2 billion in revenue, according to FactSet.