Wells Fargo (NYSE:WFC), the largest U.S. mortgage lender, announced that net income inreased by 22 percent in the third quarter to $.94 billion, or 88 cents per share, versus $4.06 billion, or 72 cents per share in the same period last year. Revenue increased by 8.1 percent to $31.2 billion versus the same period last year, and mortgage banking increased by $2.81 billion, up 53 percent versus last year. A 0.25 percentage point decline in the net interest margin to 3.66 percent during the quarter was partially offset by the increased mortgage business.
Shares are lower by about 2.9 percent.
Rival JPMorgan (NYSE:JPM) also reported a record third quarter profit boosted by revenue from its mortgage business.
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