Wells Fargo profit beats estimates as mortgage revenue climbs

Wells Fargo & Co., the lender recently plagued by a scandal that led to the departure of its CEO, has reported third quarter earnings that edged out expectations. Wells Fargo net income slid to $5.64 billion, or $1.03 a share, from $5.8 billion, or $1.05, a year earlier. The average estimate of 28 analysts surveyed by Bloomberg was for per-share profit of $1.01. Total revenue increased 1.8 percent to $22.3 billion, exceeding analysts’ expectations.