Wells Fargo reported slightly higher third-quarter earnings today behind solid community banking results and higher overall loans.
Net income edged up 1.2% to $5.8 billion. Revenues at the lender rose 3.1% to $21.88 billion.
Wells Fargo, the largest mortgage lender in the US, notched year-over-year increases in mortgage applications, although the figures declined from the prior quarter.
The community banking business prospered behind increases in consumer and primary business customers and higher car loan.
Well Fargo said that total loans rose 7.6% to $903.2 billion from the year-ago level, driven by commercial, industrial and mortgage loan growth.
Higher loan volume has helped offset the earnings drag of persistently low interest rates.
On the downside, Wells Fargo reported lower wholesale banking earnings.
It cited a number of factors, including higher impairment on energy sector investments.
"Wells Fargo's strong third quarter results reflected the ability of our diversified business model to generate consistent financial performance in an uneven economic environment while continuing to meet our customers' financial needs," said Wells Fargo chief executive John Stumpf.
Earnings translated into $1.05 per share, meeting analyst expectations.
