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Wells Fargo Profit Increases 17%

Wells Fargo & Co.'s (WFC) second-quarter profit rose 17% as the nation's fourth-largest bank by assets saw mortgage banking income climb and its provision for credit losses fall. With a smaller capital markets business than its big bank peers, the West Coast-based bank is more closely watched in the investment community for its mortgage banking results. In May, Wells Fargo--the nation's largest mortgage originator--turned over hundreds of emails and other documents related to its mortgage-backed securities business to the Securities and Exchange Commission after being taken to court. The SEC wanted data on the pools of loans underlying nearly $60 billion of securities sold by Wells Fargo to investors from September 2006 through early 2008. The agency said the subpoenas asked for information on the guidelines on loan quality used by the underwriters to vet the loan pools before they were bundled into securities, the outcomes of those due-diligence checks and the prospectuses used to sell the investments. Wells Fargo originated $131 billion of mortgages in the second quarter, compared with $129 billion in the first quarter and $64 billion a year earlier. Mortgage banking non-interest income was up 79% to $2.89 billion from a year earlier. The bank reported a profit of $4.62 billion, up from a year-earlier profit of $3.95 billion. Per-share earnings, reflecting the payment of preferred dividends, rose to 82 cents from 70 cents a year earlier. Analysts polled by Thomson Reuters expected 81 cents. Revenue increased 4.4% to $21.29 billion. Analysts were looking for $21.36 billion. Credit-loss provisions totaled $1.8 billion, down slightly from $1.84 billion a year earlier and $2 billion in the first quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 1.15% of average loans, compared with 1.52% a year earlier and 1.25% in the first quarter. Shares were down 1.07% to $32.50 premarket. Through Thursday's close, the stock is up 19% so far this year. Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
09/26/201615:00:00Senior Executives Demonstrating Healthy Behaviors Is More Impactful...
09/24/201603:03:00Wells Fargo Taps Adviser on Pay -- WSJ
09/23/201616:55:00Wells Fargo Taps Shearman & Sterling to Advise on Executive Compensation...
09/23/201616:06:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/23/201614:33:35Current Report Filing (8-k)
09/23/201613:34:00Wells Fargo & Company (WFC) Alert: Shareholder Rights Law Firm...
09/23/201612:46:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/23/201611:10:00Investor Calls for Pay Clawback at Wells Fargo
09/23/201611:02:28Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/23/201610:59:00Investment Group Calls for Executive Clawback, Two New Board...
09/23/201603:02:00Pressure Intensifies On CEO At Wells -- WSJ
09/22/201622:57:00Wells Fargo Donates $250,000 to Support Community Healing Efforts...
09/22/201619:09:00Pressure Mounts on Wells Fargo CEO John Stumpf--Update
09/22/201618:49:00Political Fight Over CFPB Heats Up After Wells Fargo Scandal
09/22/201618:30:00Wells Fargo CEO Steps Down From Federal Reserve Advisory Council
09/22/201618:24:00Wells Fargo CEO John Stumpf Steps Down From Federal Reserve Advisory...
09/22/201617:30:00Democratic Senators Ask for Labor Department Probe of Wells Fargo
09/22/201617:30:00Yellen to Testify on Bank Supervision on Capitol Hill Wednesday
09/22/201617:18:00Democratic Senators Ask for Labor Department Probe of Wells Fargo
09/22/201615:00:27Current Report Filing (8-k)

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