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Wells Fargo profit slumps as mortgage lending business comes under pressure

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The fourth-largest US lender reported a profit of $3.1bn, or 74c per share, for the quarter ended June, compared with $6bn, or $1.38 per share, a year earlier

Picture: BLOOMBERG/MARK KAUZLARICH

Well Fargo's loan loss provision for the latest period included a $235m increase in the allowance for credit losses due to loan growth. Last year, the bank had released $1.26bn of reserves, helping offset a decline in its mortgage lending business. “We do expect credit losses to increase from these incredibly low levels, but we have yet to see any meaningful deterioration in either our consumer or commercial portfolios,” CEO Charlie Scharf said in a statement.The fourth-largest US bank has been in the regulators’ penalty box since 2016 for governance and oversight lapses related to a series of sales and other scandals.

On Thursday, JPMorgan reported a 26% decline in home loan revenue from the year-ago quarter, predominantly driven by less lending.Overall, non-interest expenses fell to $12.9bn from $13.3bn a year earlier.

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