Wells Fargo & Co., the second- biggest U.S. home lender, said first-quarter net income was about $3 billion and that results at Wachovia Corp., acquired about three months ago, were exceeding expectations. Shares of the bank surged more than 30 percent in early trading.
The profit of about 55 cents a share compares with net income of $2 billion, or 60 cents, a year earlier, the San Francisco-based lender said today in a statement. Profit before taxes and provisions was about $9.2 billion, the bank said.
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