Thursday, January 24, 2013

Wells Fargo Profit Jumps 24% in Fourth Quarter, Driven by Mortgages - Yahoo! Finance

So inquiring minds want to know how a bank increases mortgage revenue by 24% while lowering the increase in home mortgage applications over the last year? Anybody that can explain this to me? 



On Jan. 11 this report was made by Yahoo News: 
Wells Fargo Profit Jumps 24% in Fourth Quarter, Driven by Mortgages - Yahoo! Finance

*FAIR USE: cREATIVE cOMMONS
"Wells Fargo, unlike many of its rivals, has been able to increase its revenue. Wells Fargo reported $21.95 billion in revenue in the fourth quarter, up 7 percent from a year earlier.

Wells Fargo, which dominates the market as the nation's largest mortgage lender, got $152 billion in home mortgage applications, down from $157 billion in the fourth quarter of 2011.

Profits in the community banking division, which spans Wells Fargo's retail branches and mortgage business, increased 14 percent to $2.9 billion.


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*FAIR USE: http://cdn6.wn.com/pd/b5/73/0f8b1050a455472f66cea811cc9c_grande.jpg

1 comment:

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