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Wells Fargo, U.S. Bancorp Profits Rise
By Jonathan Stempel NEW YORK (Reuters) - Wells Fargo & Co. (WFC.N: Quote , Profile , Research ) and U.S. Bancorp (USB.N: Quote , Profile , Research ) , two of the largest U.S. banks, on Tuesday both said third-quarter profit rose 12 percent. Wells Fargo, the No. 4 bank, earned a lower-than-expected $1.75 billion as home loans slowed, while U.S. Bancorp, the No. 6 bank, earned $1.07 billion. Overall lending income rose at Wells Fargo, while fee income from such things as credit and debit cards rose at U.S. Bancorp. Seven of the 10 largest U.S. banks have reported an average 58 percent gain in third-quarter profits, including items. Excluding BB&T Corp. (BBT.N: Quote , Profile , Research ) , the average gain is 25 percent. All but Wells Fargo met or exceeded analysts' forecasts. "We're starting to see increased growth in overall lending, and finally seeing traction in corporate loan growth, with a focus on the middle market," said Hilary Hayes, who helps invest $4 billion for Victory SBSF Capital management in New York. "Deposit growth seems to be slowing, but overall earning assets are rising." Analysts expect two other big banks, J.P. Morgan Chase & Co. (JPM.N: Quote , Profile , Research ) and Bank of New York Co. (BK.N: Quote , Profile , Research ) , to report higher profit on Wednesday. The tenth bank,
suntrust Banks Inc. (STI.N: Quote , Profile , Research ) , delayed results because of accounting problems. In morning trading on the New York Stock Exchange, Wells Fargo shares fell 77 cents to $59.38, and U.S. Bancorp shares fell 53 cents to $28.91. WELLS FARGO Wells Fargo, based in San Francisco, said profit rose to $1.02 per share, from $1.56 billion, or 92 cents per share, a year earlier. Revenue was little changed at $7.32 billion and rose 11 percent excluding home
mortgages. Wells Fargo is the biggest U.S.
mortgage lender. Analysts polled by Reuters Estimates on average had forecast profit of $1.06 per share on revenue of $7.46 billion. Wells Fargo said
mortgage banking revenue fell 66 percent from a year earlier to $262 million as long-term interest rates rose from a year before. Originations tumbled $93 billion, or 58 percent, to $68 billion, and applications fell 39 percent to $83 billion. Continued ...
Source: reuters.com