Wells Fargo third-quarter profit rises on mortgage lending surge


Wells Fargo & Co on Friday reported higher third-quarter profits on a surge in mortgage lending.

The fourth biggest U.S. bank said net income was $4.9 billion, or 88 cents a share, in the quarter, up from $4.1 billion, or 72 cents a share, in the same period a year earlier.

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Wells is the largest U.S. mortgage lender.

(Reporting By Rick Rothacker in Charlotte, N.C.; Editing by Jeffrey Benkoe)