Wachovia Firing on All Cylinders

Wachovia(WB Quote), the nation's fourth largest bank, reported a 24% increase in first-quarter profits on the strength of continued vigor in consumer lending and a drop in bad commercial loans.

The Charlotte-based bank earned $1.25 billion, or 94 cents a share, compared with $1 billion, or 76 cents a share, a year ago. Total revenue rose 22% to $5.7 billion, a quarterly record.

On an operating basis, which excluded certain merger-related expenses, the bank earned 98 cents a share, which beat the Thomson First Call consensus estimate by 8 cents. ...