Wells Fargo & Co said shareholder profit rose 60 percent in the third quarter as mortgage banking revenue surged.

The San Francisco-based bank reported net income for common shareholders of $2.6 billion, or 56 cents a share. That compares with $1.6 billion, or 49 cents, in the year-ago quarter.

Wells Fargo shares fell 70 cents to $29.76 in premarket trading.

(Reporting by Dan Wilchins; editing by John Wallace)