Wachovia's Net Climbs 24% |
| Wall Street Journal - Jul 20, 2007 |
Wachovia Corp. posted a 24% jump in second-quarter profit as its acquisition of Golden West Financial Corp. boosted revenue, though the bank's loan-loss provision more than tripled.
The fourth-largest U.S. bank behind Citigroup Inc., Bank of America Corp. and J.P. Morgan Chase & Co. reported net income of $2.34 billion, or $1.22 a share, for the quarter, compared with $1.89 billion, or $1.17 a share, a year earlier. The latest results included merger-related charges of one cent a share. Excluding items, the company said it would have reported first-quarter earnings of $1.23 a share. Analysts polled by Thomson Financial had expected the Charlotte, N.C.-based company to post earnings, excluding items, of $1.22 a share. Revenue in the latest quarter rose 20% to $8.69 billion on higher loans and deposits, helped by the Golden West acquisition.
Read Full Article from Wall Street Journal
- Posted: 2007-07-20 10:11:29
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