Wells Fargo records nearly 61% income rise in Q3

By Ovunc Kutlu

ISTANBUL (AA) - American multinational financial services company Wells Fargo recorded a nearly 61% income increase in the third quarter of this year, according to its financial results statement released Friday.

The company had a net income of $5.77 billion in the July-September period of this year, up 60.7% from $3.59 billion in the same period of last year.

Total revenue increased 6.6% to almost $20.86 billion, from approximately $19.57 billion, during the same period.

"While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly," CEO Charlie Scharf said in the statement.

Wells Fargo's stock price climbed to as high as $41.64 at 9.40 a.m. EDT, while it was trading $40.59 per share at 1.23 p.m. EDT for a daily gain of 2.14% after closing Thursday at $39.74 a share.