Business USA

Banking sector – Wells Fargo announces profit up 18%

San Francisco – Yesterday Wells Fargo Bank reported profits up 18% for the second quarter, which it attributed to a resumption of lending activity and a decrease in the value of its bad debts.

The institution has posted a profit of 4.4 billion U.S., compared with earnings of 3.7 billion the same quarter a year earlier. All loans from Wells Fargo rose. The number of commercial and industrial loans increased and the bank reported a record number of mortgage applications.

The number of delinquent loans has meanwhile declined. The bank released some amount of money in reserve to cover bad debts.

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