Wells Fargo earnings reach a new high, but loan losses keep mounting


Wells Fargo (WFC), the fourth-largest U.S. bank, reported its third-straight record quarterly profit as lending and deposits increased. The San Francisco-based lender said third-quarter net income for common shareholders rose to $2.6 billion, or 54 cents a share, compared with $1.6 billion, or 49 cents a share a year ago.

Those results outpaced analysts' profit estimates of 37 cents a share, according to Thomson Reuters. And yet Wells Fargo's stock dropped in pre-market trading, possibly because the strong results also hinted at some lingering concerns that many analysts and investors have harbored over its performance.