Wells Fargo posts record-setting quarter in earnings

Andrew Dunn | Charlotte Observer

Wells Fargo posted another record-setting quarter, earning $4.1 billion in the third quarter -- more than 20 percent higher than the same time period last year.

Buoyed by a decrease in loan losses, the bank earned 72 cents per share, in line with analysts' estimates. Last quarter, Wells posted earnings of 70 cents per share with a net income of $3.9 billion.

Net loan charge-offs decreased to $2.6 billion, down $1.5 billion from last year.

"This was a strong quarter for Wells Fargo, with solid growth in loans, deposits, investment securities and capital, along with improved credit quality and lower expenses," Chief Financial Officer Tim Sloan said in a news release.

"While our industry continued to face challenges due to economic conditions during this quarter, Wells Fargo's diversified model was again able to produce solid results for our shareholders."

Read the complete story at charlotteobserver.com

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