13 Oct 2012

Record quarterly profit reported by Wells Fargo

7:00 am on 13 October 2012

A record quarterly profit was reported by Wells Fargo, the biggest mortgage lender in the United States on Friday.

Net profit was $US4.9 billion, up 27% from 2011. Revenue was up 8% to $US21.2 billion in the quarter from the same period last year.

Chairman and chief executive John Stumpf said core loans grew by $US11.9 billion in the third quarter.