Wells Fargo posts record profit

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Wells Fargo reported third quarter earnings that hit a record, the bank said on Friday, surpassing Wall Street's estimates as loans and deposits surged during the period.

The company posted third-quarter earnings excluding items of 99 cents per share, up from 88 cents a share in the year-earlier period. The bank cited deposits and loans that grew strongly, alongside an improvement in credit quality. Yet mortgage originations tumbled by 29 percent during the quarter, despite an improvement in the home lending market.

Revenue decreased to $20 billion, versus $21.21 billion a year ago.

Analysts had expected the company to report earnings excluding items of 97 cents a share on $20.97 billion in revenue, according to a consensus estimate from Thomson Reuters.

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