Wells Fargo tops quarterly earnings predictions

Wells Fargo reported third quarter net income of $5.6 billion, an increase from $5.1 billion in the same quarter last year.

Earnings per share increased to $1.66 from $1.42 year over year. Analysts expected $1.55 per share.

"We grew our balance sheet, including the highest linked-quarter loan growth in over three years," CEO Charlie Scharf said in a statement. "While some economic uncertainty remains, the U.S. economy has been resilient and the financial health of our clients and customers remains strong."

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