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Wells Fargo profit rises 1.7 percent, mortgage originations increase

[October 14, 2014] (Reuters) - Wells Fargo & Co, the fourth largest U.S. bank and biggest mortgage lender, reported a 1.7 percent rise in third-quarter profit as its mortgage business became less of a drag.

The San Francisco bank's net income applicable to common shareholders rose to $5.41 billion, or $1.02 per share, in the three months ended Sept. 30 from $5.32 billion, or 99 cents per share, a year earlier.

Revenue rose 3.6 percent to $21.21 billion. Mortgage originations rose by $1 billion to $48 billion.

(Reporting by Tanya Agrawal in Bangalore; Editing by Ted Kerr)

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