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.
What Is Your Risk Tolerance?
Answer the question "What type of investor am I?".View Course »