Wells Fargo & Co. (WFC) reported that its third-quarter of 2013 net income applicable to common stock rose to $5.32 billion or $0.99 per share, from $4.72 billion, or $0.88 per share in third quarter 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.
Provision for credit losses for the quarter fell to $75 million from $1.59 billion in the prior year.
Revenues for the quarter declined to $20.5 billion from $21.2 billion in the prior year quarter. Twenty three analysts had consensus revenue estimate of $20.97 billion for the quarter.
Net interest income for the quarter grew to $10.75 billion from $10.66 billion last year. Total noninterest income for the quarter slipped to $9.73 billion from the prior year's $10.55 billion.
by RTT Staff Writer
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