Wells Fargo profit inches up, boosted by GE loan book

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[October 14, 2015]  (Reuters) - Wells Fargo & Co, the biggest U.S. residential mortgage lender, reported a rise in quarterly profit for the first time in three quarters on Wednesday, helped by its purchase of commercial loans from General Electric Co.

Net income applicable to common shareholders rose 0.65 percent to $5.44 billion, or $1.05 per share, in the third quarter ended Sept. 30 from $5.41 billion, or $1.02 per share, a year earlier, the fourth-biggest U.S. bank by assets said.

Analysts on average had expected earnings of $1.04 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures reported were comparable.

(Reporting by Richa Naidu and Rachel Chitra in Bengaluru; Editing by Ted Kerr)

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