Boston, MA 10/16/2013 (wallstreetpr) – Wells Fargo & Co (NYSE:WFC) which is one the biggest home lenders based in the United States wants to ensure investors that company’s other businesses are trying hard to strengthen its weakening business. The company posted a gain of nearly 13 percent in their profit figures released in a statement by the company in comparison to the profit gains of last year.
The net income, for Wells Fargo & Co (NYSE:WFC) for the third quarter came out to be around 5.58 billion dollars or 99 cents per share. Last year the net income for the company was 4.94 billion dollars or 88 cents per share. The figures were released by the San Francisco based home lending company as part of their statement. The bank was able to draw 900 million dollars from the reserves against loan.
Sixty years old John Stumpf, who is the chief executive officer for Wells Fargo & Co. contributed to the string of profit record for the bank in the third consecutive years while JPMorgan Chase & Co. showed a loss of 380 million dollars. Stump informed the investors that he is trying to increase the dividend by seeking approval. In spite of this, the bank feels that the home lending company will slip again in the fourth quarter and hence has prompted its analysts to figure out if the company can manage to come up with profit gains and fill the void.
Wells Fargo & Co. has mentioned nearly 90 different businesses that are being run by the company to work for fulfilling the losses incurred at any one of the units. The statement released by the company includes credit cards, credit management and records of retail sales recorded since the last year.