WELLS Fargo & Co. says its third-quarter profit jumped 13 per cent as a decline in revenue from mortgage lending was offset by reduced expenses and fewer soured loans.
The biggest US mortgage lender reported on Friday that its net income increased to $US5.6 billion ($A5.94 billion) in the July-September period from $US4.9 billion a year earlier.
On a per-share basis, earnings were 99 cents, beating the 97 cents forecast by Wall Street.
Third-quarter revenue dipped to $US20.5 billion from $US21.2 billion, coming in below the analysts' forecast of $US21.1 billion.
Interest rates on US mortgages rose sharply in the spring and summer, and that had an impact on Wells Fargo's mortgage business.
The San Francisco-based bank controls nearly a third of the US mortgage market.
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