Wells Fargo 3Q revenue boosted by higher interest rates

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Wells Fargo easily beat Wall Street’s third-quarter revenue forecasts as higher interest rates helped offset a steep decline in home lending. The nation’s biggest mortgage lender brought in $19.5 billion in revenue for the period, thanks to $12.1 billion in net interest income, a 36% increase from the same period a year ago. Wells earned 85 cents per share in the period, falling short of profit projections, after incurring regulatory and litigation expenses it estimated at 45 cents per share. Shares in the San Francisco bank rose about 1.3% in premarket trading.