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Wells Fargo’s Income Jumps, Even As Mortgages Fall

NEW YORK — Wells Fargo’s income jumped 51 percent in the first quarter as more people opened accounts with the bank and business customers took out more loans. Higher interest rates resulted in a sharp decline in new mortgages.The San Franc…

NEW YORK — Wells Fargo’s income jumped 51 percent in the first quarter as more people opened accounts with the bank and business customers took out more loans. Higher interest rates resulted in a sharp decline in new mortgages.

The San Francisco bank said Wednesday it earned $3.6 billion after paying preferred dividends, or 67 cents per share. That compared with $2.4 billion, or 45 cents a share in the first quarter of last year. The earnings were a penny better than the forecast of analysts surveyed by FactSet.

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