Posted on Mon, Oct. 17, 2011
last updated: October 17, 2011 01:24:08 PM
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."
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