Wells Fargo reports higher second-quarter profit

Wells Fargo & Co (WFC.N) on Friday reported higher second-quarter profit on strong mortgage banking income as borrowers continued to refinance their homes at low rates.

The nation's fourth-biggest bank said net income was $4.6 billion, or 82 cents a share, compared with $3.9 billion, or 70 cents a share, in the same period a year earlier.

The San Francisco-based bank is the largest U.S. mortgage lender.

[Source: Reuters, 13Jul12]

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