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Wells Fargo profit rises 3.8% as home lending regains some traction
Wells Fargo profit rises 3.8% as home lending regains some traction

No. 1 mortgage lender Wells Fargo & Co. kicked off the bank earnings season with a 3.8% increase in profit in a report that sent modestly positive signals about Main Street lending and the housing market. Wells Fargo had second-quarter net income of $5.73 billion, compared with $5.52 billion a year earlier. Its $1.01 in per-share earnings, up from 98 cents, met Wall Street expectations. Revenue fell 1% to $21.1 billion, but beat analysts' average estimate of $20.8 billion. The bank's provision for loan losses was less than many on Wall Street had anticipated. In announcing the results Friday, Wells Fargo Chairman and Chief Executive John Stumpf said improvements in loan repayments were...

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