Wells Fargo is seeing its profits rise, attributing the increase to its growing mortgage business. In the second quarter, the nation’s largest mortgage lender saw its profits rise 17 percent from a year earlier.
"Residential mortgages, new home equity, commercial real estate—it's great, bring it on," Chief Financial Officer Timothy Sloan told The Wall Street Journal.
Wells Fargo Chief Executive John Stumpf says the bank has seen an “increased strength in the overall housing market.” Wells Fargo’s revenue from its mortgage banking has increased nearly 80 percent from a year earlier and mortgage originations have increased 1.6 percent.
The bank says its profits have risen recently from an increase in demand from consumer car loans and commercial loans as well.
Source: “Wells Fargo Profit Up 17% on Strong Mortgage Income,” The Wall Street Journal (July 13, 2012)
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