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Wachovia's Earnings Advance

Shares rise 2.2% in premarket trading.
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first-quarter earnings surged 33% year over year and beat estimates as last fall's purchase of Golden West helped boost its results.

The Charlotte, N.C., banking company earned $2.30 billion, or $1.20 a share, in the first quarter, up from $1.73 billion, or $1.09 a share, last year.

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Analysts surveyed by Thomson Financial were looking for $1.16 in the most recent quarter.

"Once again our team delivered double-digit earnings growth," said Ken Thompson, Wachovia chairman and chief executive. "Our focus on cost control and risk management continues to provide flexibility in the face of the challenging interest rate environment."

Shares of Wachovia rose 2.2% to $55.20 in premarket trading Monday.