UPDATE: Wells Fargo Q3 Net Profit Surges 13%

Wells Fargo & Co

reported a 13% gain in its Q3 net income. Wells Fargo's quarterly net income surged to $5.58 billion, from $4.94 billion, in the year-ago period. Its per-share earnings rose to $0.99 from $0.88. Its revenue fell 3.5% to $20.48 billion. However, analysts were projecting earnings of $0.97 per share on revenue of $20.97 billion. Its applications fell to $87 billion from $188 billion. Wells Fargo's mortgage banking non-interest income dropped 43% to $1.61 billion. Wells Fargo shares fell 1.57% to $40.79 in pre-market trading.