Profits Rise at $WFC on Refinancing

“Wells Fargo & Co. (WFC), the largest U.S. home lender, reported a 24 percent rise in fourth-quarter profit as the bank made more money from mortgage banking and squeezed more income out of revenue.

Net income advanced to a record $5.09 billion, or 91 cents a share, from $4.11 billion, or 73 cents, a year earlier, the San Francisco-based bank said today in a statement. That beat the 89-cent average estimate of 27 analysts surveyed by Bloomberg, some of whom were excluding one-time costs tied to a regulatory settlement…..”

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