Wells Fargo reported a 47% rise in profit on the 2nd Quarter

Wells Fargo has reported second-quarter results, with a 47 percent rise in profit helped by its acquisition of Wachovia Corp.

Wells Fargo posted net income of $2.58 billion, or 57 cents per share, for the quarter, above analyst expectations for 34 cents per share.

The reason for the profit is the mortgage banking business.

But, like Bank of America Corp. and JPMorgan Chase & Co., it reported rising losses from failed loans. Wells Fargo said it recorded a $5.1 billion provision for loan losses during the second quarter.

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https://www.wellsfargo.com/invest_relations/annualreport_video2008.html