Agence France-PresseApril 12, 2013 09:46
Wells Fargo reported Friday a 22 percent increase in quarterly earnings compared with last year, as credit quality continued to increase with the improving housing market.
Net income for the quarter rose to $5.2 billion on $21.3 billion in revenues, compared with $4.2 billion on revenues of $21.6 billion in the year-earlier period.
The bank, the largest US mortgage originator, reported improving credit quality as the housing market steadies. Wells Fargo reduced its provision expense to $1.2 billion in the quarter, from $2 billion in the year-earlier quarter.