While all banks are under great distress, WFC has been grabbing the mortgage lending business from others. I will buy and accumulate during its price weakness from now on to the next few years. JC 4/17/2012
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Amid improvements in the mortgage sector, Wells Fargo & Company reported a 13 percent increase in first quarter profits, with a net income of $4.25 billion, and earnings per share at $0.75. Last year during the same quarter, the bank reported a net income of $3.76 billion, or $0.67 per share.
Revenue increased $1 billion from fourth quarter 2011, to $21.6 billion. The $1 billion increase was driven by increases of $506 million in mortgage banking, $458 million in market sensitive revenue, and $181 million in trust and investment fees, the report stated.
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