Wells tops Wall Street estimates with $5.8B in 4Q profit

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Wells Fargo easily beat Wall Street targets in the fourth quarter, just as interest rates appear poised to take off and further boost the nation’s largest mortgage lender. The San Francisco bank earned $5.8 billion, or $1.38 per share, handily surpassing the $1.11 analysts were expecting. Wells took in $20.86 billion in sales in the quarter, also topping Wall Street projections of $18.8 billion. The bank had revenue of $18.49 billion in the same quarter last year. Wells reported $9.26 billion in net interest income in the period, just as rates on long-term loans seem destined to rise.