Wells Fargo & Company (NYSE: WFC) said Friday its second-quarter profit jumped 17 percent as reduced expenses and stronger mortgage activity boosted results for the fourth-largest U.S. bank by assets.
The San Francisco-based bank, the nation's, largest mortgage originator, had profit of $4.62 billion, up from a year-earlier profit of $3.95 billion. Per-share earnings climbed to 82 cents from 70 cents a year earlier. Analysts surveyed by Thomson Reuters expected 81 cents.
Revenue rose 4.4 percent to $21.29 billion, slightly less than the $21.36 billion analysts expected.