Wells Fargo profit jumps 17% in second quarter

Wells Fargo & Co. saw its profit jump 17% in the second quarter on strong loan and deposit growth.

The San Francisco-based bank said it made $4.6 billion, or 82 cents a share, in the second quarter, up from $3.9 billion, or 70 cents, in the same period a year ago.

“While the economic recovery remains uneven, we continued to meet our customers’ financial needs and benefited from signs of stabilization in the housing market,” John Stumpf, Wells’ chairman and chief executive, said in a statement.

The bank reported a quarterly record for mortgage applications, as well as increased lending to businesses and consumers.

Wells Fargo said its loan portfolio grew to $775.2 billion in the second quarter, up from $766.5 billion in the first quarter.

Wells Fargo stock gained 47 cents, or 1.4%, to $33.31 a share in early trading on Wall Street.

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