A surge in mortgage originations helped Wells Fargo (WFC) post second-quarter profit that was 81 percent higher than a year ago. At the same time, delinquencies in its massive portfolio of existing loans climbed rapidly, the company said [pdf].

Wells Fargo reported profit of $3.17 billion, or 57 cents a share, compared with $1.75 billion during the same period a year earlier. That outpaced analysts' projections for net income of 34 cents a share. But commercial real estate loans, residential mortgages and consumer and business loans no longer accruing interest rose 45 percent, sending the company's shares down sharply in early trading.

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oram020347

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August 20 2013 at 2:57 AM Report abuse rate up rate down Reply