Wells Fargo posts record-setting quarter in earnings

Charlotte ObserverOctober 17, 2011 

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

McClatchy Washington Bureau is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service