Earnings at Wells Fargo Jump 22%

http://dealbook.nytimes.com/2012/10/12/wells-fargo-posts-earnings-of-4-9-billion-up-22/?hpw

At the height of the financial crisis, the mortgage business was a millstone for the banking industry. Today, it is a profit center.

Wells Fargo on Friday reported $4.9 billion of profit in the third quarter, a 22 percent jump largely led by a booming mortgage business.

The San Francisco-based bank continues to churn out record profits, with 11 straight quarters of net income gains. The results of 88 cents a share narrowly beat the estimates of analysts polled by Thomson Reuters, who forecast earnings of 87 cents a share.