Wells Fargo Reports Record Profit as Credit Improves

By Dakin Campbell - Oct 20, 2010 6:16 AM PT
(Corrects percentage change in the second paragraph.)

Wells Fargo & Co., the largest U.S. home lender, reported record third-quarter profit that beat most analysts’ estimates as credit conditions improved, and said it’s not planning to halt foreclosures.

Net income rose 3.1 percent to $3.34 billion, or 60 cents a diluted share, from $3.24 billion, or 56 cents, in the same period a year earlier, the San Francisco-based bank said today in a statement. Analysts surveyed by Bloomberg estimated profit of 56 cents. Revenue dropped 7.1 percent to $20.9 billion.

“Wells Fargo continues to be one of our top picks,â€