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Wachovia Earnings Rise 7%
Updated from 8:12 a.m. EDT
Wachovia(WB Quote) said first-quarter earnings rose 7% from a year ago, as higher loan volume more than offset margin compression caused by the flattening yield curve.
Wachovia earned $1.73 billion, or $1.09 a share, in the quarter, compared with $1.62 billion, or $1.01 a share, a year ago. Excluding merger-related expenses, earnings were $1.12 a share in the latest period, matching the Thomson First Call consensus estimate.
Revenue for the quarter was $7.06 billion, beating estimates of $6.92 billion. ...
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