Wells Fargo's earnings rise 14 percent

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Associated Press

Posted on April 11, 2014 at 6:01 AM

Updated Friday, Apr 11 at 6:02 AM

First-quarter profit for Wells Fargo & Co., the biggest U.S. mortgage lender, surged 14 percent in the latest quarter as the bank continued to trim its losses on soured loans.

Net income after dividends on preferred stock rose to $5.6 billion in the January-March period from $4.9 billion a year earlier, the bank reported early Friday.

On a per-share basis, earnings were $1.05, well above the 97 cents forecast by Wall Street analysts.

Revenue in the first quarter fell to $20.6 billion from $21.3 billion a year earlier, in line with analysts' estimates.

The San Francisco-based bank's stock rose 34 cents, or 0.7 percent, to $48.05 in pre-market trading.

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