Wells Fargo first-quarter profit surges 22 per cent
In this Dec. 19, 2012 photo, a man walks past a Wells Fargo location in Philadelphia. THE CANADIAN PRESS/AP, Matt Rourke
NEW YORK, N.Y. - Wells Fargo, the nation's biggest mortgage lender, said its first-quarter profit surged 23 per cent after the bank cut expenses.
Net income available to common shareholder rose to $4.93 billion from $4.02 billion a year earlier.
On a per-share basis, earnings were 92 cents, beating the 89 cents forecast by Wall Street. Revenue slipped 2 per cent to $21.3 billion and missed expectations.
Wells Fargo was little known outside the Western U.S. before scooping up a teetering Wachovia in the depths of the financial crisis in 2008. The bank has turned a profit every quarter since 2009, the year it wrapped up its acquisition of Wachovia.
The Federal Reserve said last month that Wells Fargo passed its annual checkup, a "stress test" to measure how a bank would fare in a severe recession. The Fed cleared the bank to raise its quarterly dividend by a nickel to 30 cents per share.