Wells Fargo 3Q Profit up 21 percent, revenue slips

cyberpj

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Mon Oct-17-11 09:26 AM
Original message

Wells Fargo 3Q Profit up 21 percent, revenue slips

Edited on Mon Oct-17-11 09:29 AM by cyberpj

Source: Associated Press

NEW YORK (AP) -- Wells Fargo & Co. on Monday said that its third-quarter profit jumped 21 percent, as write offs of bad loans dropped while deposits grew.

But the bank posted lower-than-expected revenue for the period, and shares slipped in premarket trading.

The San Francisco-based bank said that its net income rose to $4.06 billion, or 72 cents per share, for the three months ended Sept. 30. That compared with $3.34 billion, or 60 cents per share, in the year-ago quarter.

That matched the average analyst expectation for earnings of 72 cents per share, according to data provided by FactSet.

Read more: http://hosted.ap.org/dynamic/stories/U/US_EARNS_WELLS_FARGO?SITE=LABAT&SECTION=BUSINESS&TEMPLATE=DEFAULT&CTIME=2011-10-17-09-21-15

"While deposits grew...."

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maddezmom

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Mon Oct-17-11 09:28 AM
Response to Original message

1. please edit your post to reflect the title of the article

:hi:

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cyberpj

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Mon Oct-17-11 09:29 AM
Response to Reply #1

2. done, thanks.

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underpants

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Mon Oct-17-11 09:30 AM
Response to Original message

3. This shows you how much of a game they play on Wall Street

Profit (revenue - expenses) increases but the revenue was not enough for a few people's liking so the stock goes down.

They are playing with themselves.... and with our money

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Supersedeas

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Mon Oct-17-11 02:14 PM
Response to Reply #3

6. Invest wisely

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CRK7376

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Mon Oct-17-11 10:47 AM
Response to Original message

4. Wachovia just got eaten

up by WellsFargo. They are playing with charging $3.00 monthly fee for ATM usage. If they do go forward with that plan I will be leaving WF....Our primary account is already at a Credit Union, but with em traveling and being out of town all the time, I need access to a large bank ATM system so I'm not being nickeled and dimed each time I hit an ATM...

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AllyCat

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Mon Oct-17-11 11:03 AM
Response to Reply #4

5. I can take money out at most criedit unions without a fee, even out of state

Some are not in the same system though and then I have to pay.

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