Wells Fargo 3Q earnings rise 4 percent

October 16 2007 BusinessWeek.com National bank Wells Fargo & Co. said Tuesday third-quarter earnings increased 4 percent on loan and deposit growth, even as it took nearly $500 million in writedowns for mortgages that have lost value. Net income rose to $2.28 billion, or 68 cents per share, from $2.19 billion, or 64 cents per share during the same quarter in 2006. Analysts polled by Thomson Financial, on average, forecast earnings of 70 cents per share for the quarter. Average loans at Wells Fargo rose 14 percent to $350.7 billion in the quarter. Part of the increase was related to the acquisitions of Placer Sierra Bancshares and CIT Construction. Average deposits also grew. Wells Fargo's average core deposits increased 13 percent year-over-year to $306.1 billion.

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