UPDATE: Wells Fargo Q3 Earnings Meet Street View

Wells Fargo & Co WFC reported in-line earnings for the third quarter. The San Francisco, California-based company posted quarterly net income of $5.7 billion, or $1.02 per share, versus a year-ago profit of $5.6 billion, or $0.99 per share. Its revenue rose to $21.2 billion from $20.5 billion. However, analysts were expecting earnings of $1.02 per share on revenue of $21.09 billion. Total average loans increased 4% to $833.2 billion, while deposits rose 10% to $1.1 trillion. Wells Fargo's net interest income increased $150 million on a linked-quarter basis to $10.9 billion. Mortgage banking noninterest income came in at $1.6 billion, down $90 million versus the second quarter 2014. Chief Financial Officer John Shrewsberry said, “This was a strong quarter for Wells Fargo and again demonstrated the benefits of our diversified business model. Despite the low interest rate environment, revenue and pre-tax pre-provision profit increased linked quarter, and we continued to operate within our target ranges for ROA, ROE, efficiency ratio, and capital return to shareholders. We also remain well positioned to benefit from higher rates in the future, and our balance sheet has never been stronger, with higher levels of capital and liquidity, and improved asset quality.” Wells Fargo shares declined 0.40% to $50.00 in pre-market trading.