Wachovia quarterly profit rises 2 percent
NEW YORK (Reuters) - Wachovia Corp. WB.N, the fourth-largest U.S. bank, said on Friday its second-quarter profit rose 24 percent, helped by growth in lending and the purchase of Golden West Financial Corp.
Net income for the Charlotte, North Carolina-based company was $2.34 billion, or $1.22 per share, up from $1.88 billion, or $1.17 a share, a year earlier.
Excluding merger costs, profit was $2.36 billion, or $1.23 per share. Analysts on average forecast profit of $1.22 per share, according to Reuters Estimates.
Total revenue rose 20 percent to $8.7 billion, compared with the Reuters estimate of $8.39 billion.
Net interest income was $4.46 billion, up from $3.68 billion in the year-earlier quarter. Non-interest expense rose 14 percent to $4.9 billion.
Wachovia bought Golden West in October, and agreed in May to acquire St. Louis-based A.G. Edwards Inc. AGE.N for $6.8 billion, creating the second-largest U.S. retail brokerage.
Wachovia shares closed Thursday at $51.61 on the New York Stock Exchange. The shares have fallen 9 percent this year, compared with a 4 percent decline in the Philadelphia KBW Bank Index .BKX.
