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Which Credit Card Rewards Does the IRS Care About?"The financial sector got a boost after our Wells Fargo (NYSE: WFC), a buy recommendation in our model income portfolio, reported better-than-expected earnings," notes Jack Adamo.
The editor of Insiders Plus, explains, " While Wells, like virtually every other bank, is dragging its heels a bit on recognizing losses on bad mortgages, there were elements of the report that were unquestionably great.
"In its latest quarterly report, Wells Fargo reported:
• Revenues were up 16% year-over-year.
• Average loans were up 18% year-over-year.
• Net interest margin was 4.92%, up 23 basis points from Q1
• Net interest income increased 21% year-over-year.
"The fact that Wells is one of the few banks that is still well-capitalized enough to write loans was a large contributor to its increase in revenues.
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