News Summary: Wells Fargo net income rises in 3Q

AP News

10/12/2012 3:11:15 PM - AP News

TOP-LINE GAINS: Wells Fargo posted record earnings in the third quarter. Wells' net income in the quarter ended Sept. 30 rose 23 percent, to $4.72 billion from $3.84 billion in the same period last year.

LENDING UP: Wells, the nation's biggest mortgage lender, expanded its loan portfolio by making new loans to consumers and keeping them on its books. New mortgage loan originations rose to $139 billion from $89 billion in last year's third quarter.

NO PARTY: Wells' stock dropped three percent after the earnings report. Analysts are nervous about the bank's ability to profit from interest on loans. A key measure of interest income weakened from the previous quarter.