Wells Fargo Continues Record Earnings Streak, Despite Slip in Mortgage Business

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Posted To: MND NewsWire

Wells Fargo beat analysts' expectations and brought in record high earnings for the first quarter of 2013 even though its mortgage earnings declined . The company reported net income of $5.2 billion for the quarter or $0.92 per share compared to $4 billion and $0.75 in the first quarter of 2012. The bank's chief financial officer Tim Sloan said this was the 13 th consecutive quarter that per share earnings had grown and the 8 th when those earnings set new records. The new results beat fourth quarter earnings by a penny but was four cents higher than analysts' consensus. Mortgage banking non-interest income was $2.8 billion, down $274 million from the fourth quarter. The company said it had retained on balance sheet 1-4 family conforming first mortgage loans of $3.4 billion, forgoing approximately...(read more)

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Source: http://www.mortgagenewsdaily.com/04122013_wells_fargo_bank.asp

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