Wells Fargo hits estimates, earns $1.02 a share

Wells Fargo earned $1.02 a share in the third quarter in line with analysts' estimates, the bank said Tuesday.

Earnings per share and net income of $5.7 billion were both up 3% from the same quarter a year ago.

Revenue was $21.2 billion, up 4% and above the FactSet consensus estimate of $21.1 billion.

Total loans were $838.9 billion at the end of September, up $9.9 billion from June as the bank saw growth in commercial and industrial lending, real estate construction, 1-4 family first mortgages, credit cards, automobile and other types of revolving credit and installment loans.

Deposits rose 10%, or $101.5 billion, from a year ago to $1.1 trillion.

Wells Fargo's (WFC) shares were down 79 cents, to $49.41, in mid-morning trading Tuesday.