Wells Fargo Profit Meets Estimates, Revenue Beats

Wells Fargo & Co. said Tuesday it had net income of $5.7 billion, or $1.02 a share, in the third quarter, up from $5.6 billion, or 99 cents a share in the year-earlier period. Revenue totaled $21.2 billion in the quarter, up from $20.5 billion a year ago. The FactSet consensus was for per-share earnings of $1.02 and revenue of $21.1 billion. The San Francisco-based lender said total average loans rose 4% to $833.2 billion, while deposits climbed 10% to $1.1 trillion. Net interest income rose by $150 million on a linked-quarter basis to $10.9 billion. Shares fell 0.4% in premarket trade, and are up 11% in the year so far, outperforming the S&P 500's 1.4% gain.