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Wells Fargo reports third quarter earnings


An increase in mortgage banking revenue and a decrease in expenses boosted Wells Fargo & Co.’s profits 17 percent, Bloomberg reported. The company reported net income of $4.62 billion, or 82 cents a share, up from $3.95 billion, or 70 cents per share, a year earlier.

A company release stated that mortgage banking income rose to $2.89 billion, increasing 79 percent from last year’s second quarter and up $23 million from the first quarter.

Estimates from the Mortgage Bankers Association reported that home loan originations climbed 28 percent nationwide in the second quarter from a year earlier to $372 billion, according to Bloomberg. 

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