Wells Fargo has received a lot of negative press lately and the investigation into its fake account scandal is still ongoing, but the bank still managed to beat earning expectations in the third quarter, reports HousingWire staffer Brena Swanson.
Wells Fargo reported net income of $5.6 billion, or $1.03 per diluted common share, for the third quarter, which is $0.02 better than the Capital IQ consensus of $1.01.
The bank said that many of its businesses had their best non-interest income result in five quarters, including mortgage banking.
Residential mortgage loan originations grew to $70 billion in the third quarter, up from $63 billion in the second quarter. Wells Fargo noted that this in line with guidance of 'somewhat higher' originations quarter over quarter.