- Wells Fargo reports first-quarter earnings per share of 75 cents.
- Revenue increased 5% from the previous quarter, to $21.6 billion.
- Analysts were expecting EPS of 73 cents on revenue of $20.51 billion.
Updated with Well's Fargo's increase in noninterest expenses, declining credit costs, comments from CFO Tim Sloan, and a comment from Atlantic Equities analyst Richard Staite.
NEW YORK ( TheStreet) - Wells Fargo on Friday reported a 21% quarter-over-quarter increase in mortgage banking revenue, pushing profits to record levels.
The company earned $4.2 billion, or a record 75 cents a share during the first quarter, compared to fourth-quarter earnings of $4.1 billion, or 73 cents a share, and earnings of $3.8 billion, or 67 cents a share, during the first quarter of 2011.
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