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Tags: profit | Wells Fargo | mortgage | bank

Cost Cuts Help Wells Fargo Boost Quarterly Profit

Friday, 11 July 2014 08:26 AM EDT

Wells Fargo & Co., the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit as cost cuts helped to make up for a slight fall in revenue.

Net income applicable to common shareholders rose to $5.42 billion, or $1.01 per share, in the second quarter from $5.27 billion, or 98 cents per share, a year earlier.

This is the first quarter since 2009 that Wells Fargo did not increase its earnings-per-share from the preceding quarter, ending a 17-quarter streak.

Revenue slipped to $21.1 billion from $21.4 billion in the second quarter of 2013.

© 2022 Thomson/Reuters. All rights reserved.


Companies
Wells Fargo & Co., the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit as cost cuts helped to make up for a slight fall in revenue.
profit, Wells Fargo, mortgage, bank
96
2014-26-11
Friday, 11 July 2014 08:26 AM
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