Wells Fargo 2Q Profit Leaps; Defaults Drop

SAN FRANCISCO (CBS/AP) -- The San Francisco bank said its net income rose to $3.73 billion, or 70 cents per share, in the three months ended June 30. Wall Street was expecting 69 cents per share, on average.

Revenue edged down 5 percent to $20.39 billion, just short of analyst estimates for $20.43 billion. Revenue in its largest segment, community banking, fell.

The largest contributor to the quarter's results came from a $1 billion release from the money set aside to cover uncollected loans and credit card bills, as the amount written off from bad loans dropped.

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