(Bloomberg) -- Wells Fargo & Co., the most valuable U.S. bank and largest home lender, reported a 17% rise in second-quarter profit on strength in mortgage banking and a drop in expenses.

Net income advanced to a record $4.62 billion, or 82 cents a share, from $3.95 billion, or 70 cents, a year earlier, the San Francisco-based company said today in a statement. The average estimate of 31 analysts surveyed by Bloomberg, excluding some special items, was 81 cents a share.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access