Wells Fargo profit rises on lower loan losses

NEW YORK (BestGrowthStock) – Wells Fargo & Co (WFC.N: ) reported on Wednesday that third-quarter profit (Read more your timing to make a profit.) rose, as lower loan losses helped counter a drop in revenue.

The company, the fourth-largest U.S. bank by assets, reported that earnings increased to $3.34 billion from $3.24 billion a year earlier. Earnings per share rose to 60 cents from 56 cents in the year-earlier period.

San Francisco-based Wells Fargo said revenue fell 7 percent to $20.9 billion.

Wells Fargo shares rose 1 percent in pre-market trade to at $24.82.

(Reporting by Elinor Comlay; Editing by Steve Orlofsky)

Wells Fargo profit rises on lower loan losses