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A Wells Fargo banking centre in North Carolina. (CHRIS KEANE/REUTERS)
A Wells Fargo banking centre in North Carolina. (CHRIS KEANE/REUTERS)

Wells Fargo reports higher profit Add to ...

Wells Fargo & Co. missed Wall Street earnings estimates by a penny even as third-quarter profit rose on lower costs for bad loans.

Wells Fargo, the fourth-biggest U.S. bank, said net income for common shareholders was $3.84-billion, or 72 cents a share. Analysts’ average estimate was 73 cents, according to Thomson Reuters I/B/E/S. Profit a year earlier was $3.15-billion.

The bank’s provision for credit losses fell to $1.81-billion from $3.44-billion a year earlier.

“We can’t change the economic environment, yet we have worked hard to control the variables we can,” chief executive officer John Stumpf said in a statement. “The economic recovery has been more sluggish and uneven than anyone anticipated.”

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  • Wells Fargo & Co
    $48.32
    +0.02
    (+0.04%)
  • Updated July 22 4:00 PM EDT. Delayed by at least 15 minutes.

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