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Non-Tech : Banks--- Betting on the recovery

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Nov 7 9:30 AM EST

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From: David C. Burns	7/21/2010 2:44:43 PM
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Wells Fargo Rises as EPS Beats Estimates, Losses Ease July 21 (Bloomberg) -- Wells Fargo & Co. rose as much as 6.5 percent in New York trading after the lender posted second- quarter profit that beat most estimates and said credit quality is improving faster than expected. Less money was earmarked to cover loan losses at Wells Fargo, the biggest U.S. mortgage lender, according to a statement today. The San Francisco-based bank posted a 3 percent decline in net income to $3.06 billion, with per-share earnings of 55 cents, or 66 cents adjusted for some one-time items. That exceeded the 49-cent average estimate from analysts. “Credit quality has indeed turned the corner,” Chief Financial Officer Howard Atkins said in the statement. “This positive trend will continue over the coming year.” Mike Loughlin, the chief risk officer, said the improvement was “earlier and to a greater extent than we had previously expected.” businessweek.com

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