Summary Box: Wells Fargo posts $3.15 bln 3Q profit

AP News
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Posted: Oct 20, 2010 11:48 AM
Summary Box: Wells Fargo posts $3.15 bln 3Q profit

RESULTS: Wells Fargo & Co.'s income rose 19 percent to $31.5 billion, or 60 cents per share in the third quarter, beating expectations of 55 cents per share.

CONTEXT: Wells Fargo is one of the largest consumer banks in the U.S. and its results are a gauge of the economic health of Americans. Average checking and savings deposits grow 9 percent and customers borrowed more in credit cards and in home equity loans.

OUTLOOK: The American consumer is starting to display early signs of financial stability as losses from bad loans fell.