“Wells Fargo & Co. (WFC), the most valuable U.S. bank and largest mortgage lender, said third-quarter profit increased 22 percent as the cheapest interest rates in history spurred refinancing.
Net income advanced to a record $4.94 billion, or 88 cents a share, from $4.06 billion, or 72 cents, a year earlier, the San Francisco-based bank said today in a statement. That beat the 87-cent average estimate of 33 analysts surveyed by Bloomberg, with some forecasts excluding selected one-time items. The net interest margin narrowed, and Wells Fargo shares fell 2.7 percent in early New York trading.”
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