Wells Fargo 3rd-Quarter Profit Climbs 32%
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Citing lower costs related to defaulted real estate loans, Wells Fargo & Co. on Tuesday reported third-quarter earnings of $217 million, up 32% from the same period last year. Earnings translated to $3.86 per share, compared to $165 million, or $2.74 per share, for the same quarter in 1993.
The per-share earnings increased 41% because of the company’s continuing stock repurchase program, Wells Fargo said.
Much of the gain in net income came from cutting the loan loss provision from $120 million in the third quarter of 1993 to $50 million in the most recent quarter, the company said.
Net charge-offs in the third quarter came to $60 million.
Net interest income was the same for both quarters, $656 million.
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