Wells Fargo’s $5.8 billion profit easily tops expectations

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Wells Fargo easily beat Wall Street expectations for the fourth quarter with interest rates beginning to take off, likely another boost for the nation’s largest mortgage lender going forward. The San Francisco bank posted earnings on Friday of $5.8 billion, or $1.38 per share, handily surpassing the $1.11 Wall Street was expecting. Wells took in $20.86 billion in sales in the quarter, also topping Wall Street projections. The bank had revenue of $18.49 billion in the same quarter last year. Wells reported $9.26 billion in net interest income in the period, just as rates on long-term loans are beginning to rise.